BMB opens: What India Inc has to say on India's first all-women bank

Welcoming the launch of theBharatiya Mahila Bank, India Inc today said the initiativewill propel women's financial inclusion, encourage femaleentrepreneurs and empower women in the country.

"The bank would provide women better access to financialservices and hence encourage female entrepreneurship, promoteequity in asset ownership and ensure greater participation ofwomen in the economic activity," CII Director GeneralChandrajit Banerjee said.

The first all-women Bharatiya Mahila Bank, a pioneeringinitiative to empower women, was launched yesterday with acorpus of Rs 1,000 crore.

It will be a universal bank, but will primarily servewomen, taking care of their special needs and requirements.

"The opening of the Bharatiya Mahila Bank is the best wayto ensure financial inclusion and the initiative would bring anew vibrancy among women entrepreneurs in the country," YesBank MD & CEO and Assocham President Rana Kapoor said.

 BMB opens: What India Inc has to say on Indias first all-women bank

Launch of the Mahila Bank. Firstpost

"Setting up of an all-women bank will provide financialservices and credit to millions of women, especially theself-help groups (SHGs). Access to easy credit for women inrural India will play an important role in skill-building,increasing women entrepreneurship and economically empoweringour women," Ficci President elect Sidharth Birla said.

The bank, headquartered in New Delhi, began operationswith seven branches and as many automated teller machines. Ithas targeted setting up 25 branches and 100 ATMs by March. Thebank begins operations with seven branches.

Only 26 per ent women in India have a bank account andcredit issued to women accounts for only 7.3 per cent of thetotal credit in the Indian financial system. Many times due tolack of ownership of collaterals, women entrepreneurs areunable to access bank credit, Ficci said.

The Board of the Mahila Bank was constituted with theinduction of eight women members. This will be the firstall-woman board of a PSU bank.

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Updated Date: Dec 21, 2014 00:12:49 IST