BMB opens first branch in Hyderabad
Hyderabad, March 22 (INN): The Bharatiya Mahila Bank (BMB), the first all-women bank, opened its first branch in Andhra Pradesh at Ameerpet here on Saturday.
This is the 19th branch of BMB in the country. Speaking on the occasion, BMB Chairperson and Managing Director Usha Anantha Subramanian informed the bank would open 55-60 new branches in the current financial year.
"By March 31 this year, 23-24 branches will be opened and BMB will have 55-60 more branches in next financial year scattered across the country," she said. As per RBI guidelines, 20 branches out of the proposed around 80 will be opened in the rural areas, she said.
The Hyderabad branch was inaugurated by Shanta Sinha, former Chairperson of National Commission for Protection of Child Rights.
The BMB bank is designed to cater to the needs of women and offers the entire banking and financial services. The bank has designed a special loan product for setting up day care centres.
It also offers total collateral free loans of up to Rs 1 crore by covering it under the (Credit Guarantee Fund Trust for Micro and Small Enterprises (CGFTMSE).
The BMB has tied up with New India Assurance Company Ltd to extend general insurance products to the poor and underprivileged and working women.
News Posted: 22 March, 2014
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