India's first all-women bank inaugurated today in Mumbai
Updated: Nov 19, 2013 05:07:17pm
Mumbai, Nov 19 (KNN) India's first branch of all women Bharatiya Mahila Bank was inaugurated here today by the Prime Minister Manmohan Singh.
The bank is located in the Air India building at Nariman Point here with an area of 5,000 sq ft space on the ground floor.
“The Bharatiya Mahila Bank which is being inaugurated today will provide financial services predominantly to women and women self-help groups. I understand that it will also be largely run by women,” Prime Minister said.
“Our women have minimal access to finance and financial products. We need to change this state of affairs to enable our women to contribute to the growth processes of the mainstream economy,” he added.
“…the Bank will initially have 7 branches, which will go up to 25 by March 2014, and will focus equally on rural and urban areas. It will offer special products keeping in view the needs of women entrepreneurs. It is a challenging task ahead for those who have been given the responsibility of beginning the operations of this Bank and nurturing it in its initial years,” the Prime Minister said.
Speaking at the inauguration, finance minister P Chidambaram said that eight women directors are on board of the Bhartiya Mahila Bank.
The bank will have a network of 25 branches by March 2014 with its headquarters in the national capital, according to Chidambaram.
The all-women’s bank will predominantly serve women, though deposits will be taken from men too.
The credit growth is expected to be at a compounded annual growth rate of 16.5 per cent during the 2010-2030, while the deposit growth is expected to stay at 14.6 per cent for the 20 years period,” Chidambaram said.
According to the Finance Minister, only 28 per cent of the women in India have admitted to have opened a bank account and the per capita credit to women is 80 per cent lower. The all-women’s bank will focus on centres where working women population is significant, including self-help groups.
The government earlier wanted to launch the bank in Delhi but changed its plan in view of the Model Code of Conduct in force in the capital.
With the inauguration of the bank, seven branches would become operational across the country, including in Kolkata, Chennai, Ahmedabad and Guwahati.
The government proposed opening of the bank branches in Delhi and Indore also, which has been disallowed by the poll body till the end of polls.
The Finance Minister had announced the setting up of the all-woman bank in his Budget speech this year. The bank will be set up with an initial capital of Rs 1,000 crore.
The Reserve Bank of India gave its in-principal approval for the Bharatiya Mahila Bank in June.
UPA Chairperson Sonia Gandhi was also present at the inaugural ceremony. The bank was inaugurated today on the eve of former and India’s first woman Prime Minister Indira Gandhi's birth anniversary. (KNN/SD)
The bank is located in the Air India building at Nariman Point here with an area of 5,000 sq ft space on the ground floor.
“The Bharatiya Mahila Bank which is being inaugurated today will provide financial services predominantly to women and women self-help groups. I understand that it will also be largely run by women,” Prime Minister said.
“Our women have minimal access to finance and financial products. We need to change this state of affairs to enable our women to contribute to the growth processes of the mainstream economy,” he added.
“…the Bank will initially have 7 branches, which will go up to 25 by March 2014, and will focus equally on rural and urban areas. It will offer special products keeping in view the needs of women entrepreneurs. It is a challenging task ahead for those who have been given the responsibility of beginning the operations of this Bank and nurturing it in its initial years,” the Prime Minister said.
Speaking at the inauguration, finance minister P Chidambaram said that eight women directors are on board of the Bhartiya Mahila Bank.
The bank will have a network of 25 branches by March 2014 with its headquarters in the national capital, according to Chidambaram.
The all-women’s bank will predominantly serve women, though deposits will be taken from men too.
The credit growth is expected to be at a compounded annual growth rate of 16.5 per cent during the 2010-2030, while the deposit growth is expected to stay at 14.6 per cent for the 20 years period,” Chidambaram said.
According to the Finance Minister, only 28 per cent of the women in India have admitted to have opened a bank account and the per capita credit to women is 80 per cent lower. The all-women’s bank will focus on centres where working women population is significant, including self-help groups.
The government earlier wanted to launch the bank in Delhi but changed its plan in view of the Model Code of Conduct in force in the capital.
With the inauguration of the bank, seven branches would become operational across the country, including in Kolkata, Chennai, Ahmedabad and Guwahati.
The government proposed opening of the bank branches in Delhi and Indore also, which has been disallowed by the poll body till the end of polls.
The Finance Minister had announced the setting up of the all-woman bank in his Budget speech this year. The bank will be set up with an initial capital of Rs 1,000 crore.
The Reserve Bank of India gave its in-principal approval for the Bharatiya Mahila Bank in June.
UPA Chairperson Sonia Gandhi was also present at the inaugural ceremony. The bank was inaugurated today on the eve of former and India’s first woman Prime Minister Indira Gandhi's birth anniversary. (KNN/SD)
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