Important SBI PO Important Questions With Answer Part 19 #SBI #Banking
BHARTIYA MAHILA BANK
Bharatiya Mahila Bank is an Indian financial services banking company based in New Delhi, India.
India’s Prime Minister Manmohan Singh inaugurated the system on 19 November 2013 on the occasion of the 94th birth anniversary of former Indian Prime Minister Indira Gandhi.
Although initially reported as a bank exclusively for women, the bank will allow deposits to flow from everyone, but lending will be predominantly for women.
In India, only 26% of women have an account with a formal financial institution, compared with 46% of men.
That means an account in either a bank, a credit union, a co-operative, post office or a microfinance institution, according to a study by the World Bank.
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.
The Bank’s initial capital consists of Rs 1,000 crores.
The government plans to have 25 branches of the said bank by the end of March 2014 and 500 branches by 4th year of operation (2017).
US-based FIS Global, in partnership with Wipro is leading the race for a Rs 1,000-crore contract to provide IT systems at the country‘s first women-focussed bank, it is reliably learnt.