Union Government has decided to merge the Bharatiya Mahila Bank (BMB) with the State Bank of India (SBI). The three-year-old BMB will be merged with SBI to provide better banking services to a larger number of women, at a faster pace.
An official statements said, “The objectives of affordable credit to women as well as propagation of women-centric products need to be quickly achieved through a wider network and lower cost of funds.“
The decision to merge the BMB with SBI was taken with view of the advantage of the large network of SBI among other things.
SBI and its women connect
SBI has a large outreach of more than 20000 branches and operates with a workforce of around 2 lakh employees of which around 22% are women. SBI group already has 126 exclusive all-women branches across the country while BMB has only seven.
Bharatiya Mahila Bank (BMB)
Bharatiya Mahila Bank (BMB) was established as an Indian financial services banking on 19 November 2013, on the occasion of the 96th birth anniversary of former Indian Prime Minister Indira Gandhi. The company is based in Mumbai, India.
In the three years since established, BMB has extended loans of Rs 192 crores to women borrowers, while the SBI group has provided loans of about Rs.46000 crore to women borrowers.
India is the third country in the world to have a bank especially for women, after Pakistan and Tanzania.