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Bharatiya Mahila Bank included in Second Schedule of RBI Act, 1934

Bharatiya Mahila Bank included in the Second Schedule to the Reserve Bank of India Act, 1934 and became eligible for loans from RBI on bank rate.

May 22, 2014 11:40 IST
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Bharatiya Mahila Bank (BMB) was included in the second schedule of the Reserve Bank of India (RBI) Act, 1934. The inclusion of the BMB in the second schedule was announced by RBI in a notification issued in Mumbai on 21 May 2014.

With the inclusion of BMB, total number of scheduled commercial banks in India now stands at 90. As on 2 May 2014, there were 89 Scheduled commercial banks in India. The inclusion of BMB in the second schedule of the RBI Act, 1934 means that now it will be eligible for loans from RBI on bank rate and also acquired membership of clearing houses.


About Bharatiya Mahila Bank (BMB)

Bharatiya Mahila Bank (BMB) is the first all-women bank of India. It started functioning on 19 November 2013 with a capital of 1000 crore rupees. Key objectives are to focus on the banking needs of women and promote economic empowerment. The current loan portfolio of the bank is about 80 to 90 crore rupees. It is a bank that provides loan to the girl child at a concessional rate, which is 1% lower than the normal rates.

The bank was incorporated under the Companies Act 1956 on 5 August 2013 and received the certificate of commencement of Business on 22 August 2013 and Banking License from RBI on 25 September 2013. Its Corporate Office is at the IFCI Towers of Nehru Place in New Delhi.

The Bank at present has 23 branches across the country and is aimed to add 55 - 60 branches in the financial year 2014-15. For girl child it has BMB Nanhi Kali Recurring Deposit Scheme.

Chairman and Managing Director
- Usha Ananthasubramanian

 

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