Bharatiya Mahila Bank launched by Prime Minister of India

PM Manmohan Singh and UPA Chairperson, Sonia Gandhi inaugurated India’s first all-women bank, Bharatiya Mahila Bank in Mumbai on 19 November 2013.

Created On: Nov 20, 2013 12:20 ISTModified On: Dec 30, 2013 17:17 IST

Bharatiya Mahila BankPrime Minister Dr. Manmohan Singh and UPA Chairperson, Sonia Gandhi Jointly inaugurated India’s first all-women bank, Bharatiya Mahila Bank in Mumbai on 19 November 2013,marking the birth anniversary of former Prime Minister Indira Gandhi.

The main objectives of the bank will be to focus on the banking needs of women and to promote their economic empowerment. The bank will commence operations with an initial capital of one thousand crore rupees.

The Union Government on 12 November 2013 appointed Usha Ananthasubramanian as the first chairperson and managing director of public sector Bharatiya Mahila Bank (BMB).

About Bharatiya Mahila Bank

1.The Mahila bank aims to service women and women-run businesses, support women’s self-help groups and their livelihoods and promote further financial inclusion.
2.An only-for-women bank first time in India.
3.Bhartiya Mahila Bank will be a universal bank and will provide every banking service and facility that is provided by comparable Public and Private sector banks. It will establish branches all over the country and, in due course, some branches in abroad.
4.The Union Cabinet cleared the proposal for setting up of all-women bank on August 2013.
5.The Reserve Bank of India gave its in-principal approval for the Bharatiya Mahila Bank in June 2013 and the banking company was set up.
6.The Union government approved 1000 crore Rupees seed capital for the women-focused public sector bank, announced by Union finance minister P. Chidambaram in his 2013-14 budget speech.

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