Bharatiya Mahila Bank (BMB) Ltd targets business of Rs 1800 crore this fiscal

The 10-month old public sector Bharatiya Mahila Bank (BMB) Ltd is targetting a business of Rs 1,800 crore this fiscal and will be opening 50 more branches, including 20 in rural areas, by March next year, a top official today said.

"The bank's target is to touch Rs 1,000 crore deposits and Rs 800 crore advances for the current year," BMB Chairman and Managing Director Usha Ananthasubramanian told reporters here.

The CMD, who inaugurated the bank's 30th branch here, the second in Kerala, said no state-wise targets had been set. "The bank has plans to open over 50 brick and mortar branches in the current fiscal, of which 20 would be in rural areas," she said. To man its over 50 branches, the bank will be recruiting employees, she said.

The bank had drawn in personnel on deputation from various public sector banks. "We are in the process of recrutiment. We have to slowly induct people," she said, adding, there were presently 275 employees, 65% of whom are women.

Pointing out that this was the first bank to be created from 'scratch', she said the bank was taking 'baby steps'. Aiming at economic empowerment of women, she said the bank was according top priority for designing and introducing women centric products, including special products for those engaged in manaufacturing sector and also which bear a 'made by women' stamp. 

Besides the traditional asset products like home and vehicle loans, the bank offers women-centric products like loans for child day care centres, catering centres with an aim to engaging women in economic activities, she said.

The New Delhi-headquartered bank has entered into memorandum of understandings (MoUs) with educational institutions, NGOs, corporates and Chambers of Commerce for extending various banking products, services and facilities to women. In Kerala, they have plans to open new branches at Kozhikode and some other places.

On the challenges being faced by the bank, formed on November 19 last with a vision of economic empowerment for Women, she said being a PSU, the bank has to compete with every other bank. "Competition is equal. We have all compliances... The 10 month old bank has to compete with 100 year-old banks," she said. Though everyone can open deposit accounts in the bank, but 'predominantly' loans were given to women, as empowerment happens through them, the CMD added.

Stating that women in the country had problem of collaterals, she said except for the fairer sex from Kerala and Meghalaya, women suffer from getting collaterals. Hence, the bank has entered into tie ups to give loans collateral free.

BMB has tied up with New India Assurance for insurance to women account holders, MoU with Naturals and TIV, Cavinkare to support banking needs of women franchisees.

MoU has also been signed with Institute of Chartered Accountants of India and Institute of Cost Accountants of India for providing finance to students pursuing CA and Cost Accountancy courses. There were also plans to tie up with Kudumbashree in Kerala, she added.