There is news in the media that Bharatiya Mahila Bank (BMB), opened and operated for the sole purpose of women in India is getting merged with the biggest bank in India, that is State Bank of India along with other five associates of State Bank of India.
It is a known fact that Bharatiya Mahila Bank opened with the sole purpose of upliftment of women folk by encouraging entrepreneurship skills, create awareness of asset ownership which in turn increase the economic power of the individual women.
Bharatiya Mahila Bank ( BMB) as the name suggests is completely focused for women development and growth. This bank / financial institution is established in New Delhi, India. Even though it is meant for women, the bank accepts deposits from anyone. Of course, the majority of loaning is primarily for women. Tanzania and Pakistan countries are having banks specially women and BMB is the 3rd women bank in the world.
This bank is inaugurated by the then Prime Minister Manmohan Singh on 19th November, 2013. Fortunately, the day was also the birth day of Smt.Indira Gandhi, the former and first women Prime Minister of India. The Chairman and Managing Director of the bank is Usha Ananthasubramanian.
The bank has invested a capital of Rs.1000 crores. And the plan of the Government is to have 25 branches by the end March 2014 and 500 branches by the end of 2017. This bank is wholly owned by Government of India.
The banks main objective is to encourage entrepreneurship skills in the women folk. Asset ownership is another objective of the bank. The studies have revealed that anguish from domestic violence among the women folk can be reduced by owning an asset in their name.
To encourage entrepreneurship skills, bank plans to mobilize women by providing them vocational training along with NGOs in tractor driving, mobile repairs or toy-making.
Another key objective of the bank is to concentrate on the banking needs of women. Another way of saying is that women’s growth and progress leads to increase in economic status.