Jul 062013

Bhartiya Mahila Bank (Women Bank) will function from 1st Nov 2013

Bhartiya Mahila Bank will start functioning from 1st Nov 2013 with 6 branches.  Initially the Bank will induct officials from other PSUs.  The bill expected to be inducted immediately after food security bill.  The Govt feels that this would improve vote banking of women for the Congress along with food security bill.

“It has been decided that the bank will be callethe Bhartiya Mahila Bank as it will have connect with rural India, which was the main idea behind setting up a women’s bank,” said the official, who did not want to be named.

In his Budget speech Mr. P. Chidambaram, FM announced that Rs.1000 crores would be allotted as capital for the Bank.  The Ministry report says that they are in discussion with Planning Commission for the allotment in this financial year 2013-14.  The Bank may have 500 branches at the end of 4th year of operation and will have at least on branch in North, South, East and West region now.

As per the Official,  Bhartiya Mahila Bank will not offer any concessional rates to women, though. “It is a commercial bank, which will follow the guidelines stipulated by the Reserve Bank of India,”.

The aim of the Bank is to take the Banking services to the villages at their doorstep and to help women self help organisations across the country.  The bank may also deal with insurance and pension handling services.

The government had set up a five-member panel, headed by former Canara Bank chairman MBN Rao, to prepare a blueprint for the all-women bank.

Reports says that in US there was 9 such banks could not able to function since the profit had declined.  In 1989 Pakistan had also a women bank.

We should wait and watch whether this Mahila Bank will commercially win.

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