New Delhi, May 19 (KNN) In a move which will increase financial inclusion, Bharatiya Mahila Bank (BMB), the first all-woman bank in the country, is planning to expand its branches to 16 cities in 11 states across India.

The government has already provided Rs 1,000 crore seed money to the bank, which started operations in November last year. It has a deposit base of Rs 87 crore and lending to the tune of Rs 89 crore.

So far, BMB has 23 branches and has plans to open 57 branches by the end of the current financial year. Till date, the bank has opened 17,000 accounts.

The bank has already come out with bids for leasing out spaces to open their branches with ATMs in cities like Delhi, Mumbai, Greater Noida, Agra, Kanpur, Alwar, Mysore, Gurgaon etc.

BMB Chairperson and Managing Director, Usha Ananthasubramanian recently said the bank has already matched its deposits with advances and so there is no urgent need for funds.

"We have just matched deposits with advances. Our deposit mobilisation so far has been Rs 87 crore and we have almost Rs 89 crore of advances," she said.

Last week, BMB launched ‘Nanhi Kali’, an exclusive recurring deposit scheme for the girl child. The entry age of the minor is one day to 13 years with minimum monthly investment of Rs 50 or a higher amount in exact multiples of Rs 50.

The bank provides flexibility to deposit the instalment on any day of the month, protection against a fall in rate of interest, and loan facility of 85 per cent of the accrued value. The term of the deposit is three years to 10 years and carries an assured maturity with personal accident insurance.

The bank even recently partnered with unisex hair and beauty salon Naturals, to support the upcoming entrepreneurs.

“This is a part of the initiative to promote economic empowerment in order to leverage women's growth and developments,” BMB had said in a statement. (KNN/SD)