Its Key points and Criticism.
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Type: State ownership
Industry: Banking, Financial services
Founded: 2013
Headquarters: New Delhi, India
Key people: Usha Ananthasubramanian (Chairman & MD)
Products: core banking, credit card, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management
Owner: Government of India
Slogan: Empowering Women, Empowering India.
What is Bharatiya Mahila Bank
Bharatiya Mahila Bank (BMB) is an Indian financial services banking company based in New Delhi, India. Former Indian Prime Minister Manmohan Singh inaugurated the system on 19 November 2013 on the occasion of the 96th birth anniversary of former Indian Prime Minister Indira Gandhi.
Although initially reported as a bank exclusively for women, the bank allows deposits to flow from everyone, but lending will be predominantly for women. India is the third country in the world to have a bank especially for women, after Pakistan and Tanzania.
CRITITISM
The bank has been criticized as adopting a segregational approach to gender equality
KEY POINTS
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The key objective of the Bank is focus on the banking needs of women and promote economic empowerment through women’s growth and developments.
The bank will also place emphasis on funding for skills developments to help in economic activity. Moreover, the products will be designed in a manner to give a slight concession on loan rates to women
The bank shall also aim to inspire people with entrepreneurial skills and, in conjunction with NGOs, plans to locally mobilize women to train them in vocations like toy-making or driving tractors or mobile repairs, according to Usha Ananthasubramanian (CMD).
One of the other objectives of the bank is to promote asset ownership amongst women customers
The government has chosen the iconic Air India building at Nariman Point in Mumbai to open the first branch of Bank.
Initially the bank will have a board of directors consisting of eight women. [13] The board consists of a business graduate sarpanch from Rajasthan, Chhavi Rajawat, Dalit entrepreneur Kalpana Saroj, who turned around a tubes business, retired public banker Nupur Mitra, academic Pakiza Samad, private equity professional Renuka Ramnath, Godrej Group executive Director Tanya Dubash and Priya Kumar, a government nominee