Mahila Bank in each State capital by end-March: FM

Mahila Bank in each State capital by end-March: FM
India's first all-woman bank, Bharatiya Mahila Bank (BMB) is all set to reach out to every state in the country as it gears up to open a branch in every state by the end of this fiscal.

"I assure you that by March next year, the bank will open up branches in every state. There will be 25 branches that will be opened up in the coming 4-5 months before the fiscal year ends," the finance minister said after inaugurating the bank's registered office and branch in the capital on Thursday.

Inaugurating the New Delhi branch and registered office of the bank on Thursday, Chidambaram said, to grow quickly, BMB should think 'out-of-the-box' and invent its own business model other than branch expansion.

"We ought not to believe that growth for this bank will come only from branch expansion.

"The board has to develop its own innovative model for growth," Chidambaram suggested, adding that it should look to outsource its activities to other organisations, especially those run by women.

"BMB is not merely a symbol of empowerment but the substance of empowerment and it will contribute a great deal in empowering women," Chidambaram said.

Story first published: Friday, December 6, 2013, 9:10 [IST]
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