India's first women-only bank now open: top 10 facts

NDTV | Updated On: November 19, 2013 15:17 (IST)
The first branch of India's first all-woman bank -- Bharatiya Mahila Bank -- opened in Lucknow on Tuesday. Prime Minister Manmohan Singh and Congress president Sonia Gandhi inaugurated the branch via video conferencing from Mumbai. Finance Minister P. Chidambaram was also be present.
Here are 10 things to know about the women-only bank:
1.      The Bharatiya Mahila Bank has been set up by the government exclusively for women and will predominantly employ women. One of the key objectives of the bank is to focus on the banking needs of women and promote economic empowerment through women's growth and development. The bank has appointed an all-women board of 8 members.
2.      Other branches that would become operational today include Guwahati, Kolkata, Chennai, Bengaluru and Ahmedabad.
3.      The government had also proposed opening of branches in Delhi and Indore, but inauguration of these branches was disallowed by the Election Commission because of elections in these states.
4.      The inauguration of these branches coincides with the birth anniversary of late Prime Minister Indira Gandhi.
5.      Headquartered in Delhi, the government has targeted setting up of 25 such branches across the country by March 31, 2014.
6.      Last week, the government appointed Usha Ananthasubramanian as the bank's chairperson and managing director. In a career spanning over 31 years, Ms Ananthasubramanian has worked in various positions in the banking and allied areas. Before joining BMB, she was an executive director with state-run Punjab National Bank (PNB).
7.      According to reports, the bank will have 39 branches (including mobile and satellite branches) and 127 ATMs by the end of the first year of its operations. It will reportedly have 33,299 customer accounts by the end of the first year.
8.      Bharatiya Mahila Bank had advertised 115 vacancies for the post of probationary officer in September. According to media reports, it has already recruited 103 candidates for the post. Around 36 per cent of the successful candidates are men.
9.      The Reserve Bank of India gave its in-principal approval for the Bharatiya Mahila Bank in June after which the banking company was set up.
10.  In the Budget speech of 2012-13, Mr Chidambaram had announced a sum of Rs. 1,000 crore as the seed capital for the establishment of the Bharatiya Mahila Bank.
(With inputs from agencies)

India's first women-only bank hires 1/3rd men for entry-level position

NDTV | Updated On: November 19, 2013 15:38 (IST)
Not only can men open accounts in India's first national bank for women, of women and by women, nearly one-third of the entry-level officers in the bank will be men.

The Institute of Banking Personnel Selection (IBPS), an assessment organization that conducts tests for financial institutions, has published a "provisional" list of 103 successful candidates for the post of probationary officers for the Bharatiya Mahila Bank, which had announced 115 vacancies for the entry-level post in September.

The Bharatiya Mahila Bank or BMB was announced to much applause by Finance Minister P Chidambaram in his Budget speech this year.

The Prime Minister inaugurated the bank today, which will focus on lending to women and women-run businesses. It will also predominantly employ women. Seven branches will be operational from today and the government aims at 25 branches by March 31.

Besides direct recruitment, the lender is also banking on lateral recruitment to hire senior professionals. The senior-level hires will come from various public sector lenders.

Last week, it appointed Usha Ananthasubramanian as chairperson and managing director. Before joining BMB, Ms Ananthasubramanian was an executive director with the state-run Punjab National Bank (PNB)

According to a circular by a Delhi-based public sector bank, the Bharatiya Mahila Bank had sought 125 employees for a period of three years. "While men could also apply, preference would be given to women," the circular read.

In his Budget speech in March this year, Mr Chidambaram had allocated a seed capital of Rs. 1,000 crore for the bank. The Reserve Bank of India gave its in-principal approval for the Bharatiya Mahila Bank in June, after which the banking company was set up.

(With inputs from agencies)


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