Usha Ananthasubramanian appointed as CMD of Bharatiya Mahila Bank

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

Before joining BMB, she was an Executive Director with Punjab National Bank (PNB).

Usha Ananthasubramanian started her career in the actuarial department with LIC and banking career in February 1982 with Bank of Baroda. She holds a master’s degree in statistics from the University of Madras and a master’s degree in ancient Indian culture from University of Mumbai.

During her tenure at Punjab National Bank, she was part of the panel formed for examination of the blueprint and other issues for setting up of the women’s bank. The panel’s report paved the way for India’s first public sector women’s bank.

About Bharatiya Mahila Bank

• The bank aims to service women and women-run businesses, support women’s self-help groups and their livelihoods and promote further financial inclusion.

• An only-for-women bank first time in India.

• The Union Cabinet cleared the proposal for setting up of all-women bank on August 2013.

• 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.

• 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.

• One of the key objectives of the bank is to focus on the banking needs of women and promote economic empowerment.