Nov. 20 – On Tuesday, India’s Prime Minister Manmohan Singh officially opened the Bharatiya Mahila Bank (BMB) at Mumbai’s Air India building. With seven branches initially, the BMB will accept deposits from, and loan money primarily to, women.
The first branches of BMB will be located in Mumbai, Delhi, Kolkata, Chennai, Indore and Guwahati. In a strong display of its support, the Indian government has contributed US$184 million in start-up capital, and future plans include setting up branches throughout India and eventually overseas as well.
Usha Ananthasubramanian, chairperson of the bank, stated “…the bank will be predominantly for women in accepting deposits and giving loans. Our main objective will be to empower and educate women financially.” Continue Reading