India’s first ever all women’s bank starts operation
In a landmark development the country on Tuesday got its first all-woman bank, which will be universal in nature, with Prime Minister Manmohan Singh launching the Bharatiya Mahila Bank as a step towards empowerment of women.
The bank, a pioneering initiative announced in the Union Budget, was launched with a corpus of Rs 1,000 crore and will have seven branches in major cities to start with.
It has drawn on a majority of cadre from state-run lenders, with Usha Ananthasubramanian as the Chairperson and Managing Director. She was earlier the Executive Director with the Punjab National Bank.
In another first, it has an all-woman, eight-member board. 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 Tania Dubash and Priya Kumar, a Government nominee.
The bank, headquartered in New Delhi, started operations with immediate effect with seven branches and as many automated teller machines (ATMs). It has targeted setting up 25 branches and 100 ATMs by March.
Coinciding with the 96th birthday of former Prime Minister late Indira Gandhi, Prime Minister Manmohan Singh inaugurated the first branch at a function in Mumbai in the presence of UPA Chairperson Sonia Gandhi, coalition leaders Sharad Pawar and Farooq Abdullah, besides Finance Minister P Chidambaram.
Singh said women lag behind men in areas such as entrepreneurial skills, employment, literacy and health.
“The setting up of the Bharatiya Mahila Bank is a small step towards economic empowerment of our women,” he said adding that the sad reality is that women in India face discrimination and hardship at home, school, at their places of work and in public places. Women’s social, economic and political empowerment remains a distant goal.
“We have gathered here to witness the beginning of a unique institution, Singh said, adding that “the bank will provide financial services predominantly to women and women self-help groups”.
Chidambaram said that the bank will be a universal bank which will have unique products designed for women and devote special attention to the funding needs of over 60 lakh self-help groups.
Pointing out that women account for a paltry 7.3 per cent of total credit in the financial system, Congress President Sonia Gandhi hoped the new bank would emerge as a catalyst for gender justice and equality.
- ‘GST to add 40 bps to growth rate; won’t stoke inflation’ 25 May 2017 | PTI
- Mahindra Electric bets big on e-vehicles; to ramp up output 25 May 2017 | PTI
- India, Japan JV to set up LNG import terminal in Sri Lanka 25 May 2017 | PTI
- ‘B’luru prime destination for IoT startups in India’ 25 May 2017 | PTI
- Videocon shares see massive sell-off; drop 42% in 3 days 25 May 2017 | PTI
- MSI plans to upgrade engines, more models with automatic variants 25 May 2017 | PTI
- HCL Tech to buyback stock at 17% premium for Rs 3,500 crore 25 May 2017 | PTI
- ‘ADD on steel items to create stable environment’ 25 May 2017 | Manoj Raghuvanshi
- Note ban ‘successful political coup’: French economist Sorman 25 May 2017 | PTI
- Sikka’s salary drops 67% in FY17, total payout down 7% 25 May 2017 | PTI
Sunday EditionView All
21 May 2017 | PTI | Jamshedpur
Protest against lynching of four persons intensified today and the police had to fire in the air to disperse a mob, while prohibitory orders under Section 144 were imposed in four areas here for tonight. Police fired in the air to disperse a mob that blocked roads in Mango area, demanding arrest of culprits involved in the lynching of four persons of a community at Rajnagar in Seraikela-Kharswan district on Thursday...
STATE EDITIONSView All
25 May 2017 | Staff Reporter | Naya Raipur
There will be 14 minor bridges constructed including a major bridge on the proposed railway track between Mandirhasaud, Naya Raipur and Kendri in the new capital region, officials informed. Notably, Naya Raipur has emerged in the country with the largest land bank of a mammoth 237 square kilometres ( 23,700 hectares), officials stated...