Mumbai: India on Tuesday opened its first women-focused bank called "Bharatiya Mahila Bank" with a view to enhance banking services to the fairer sex nearly three-fourths of whom currently don`t have bank accounts. Prime Minister Manmohan Singh accompanied by UPA (United Progressive Alliance) chairperson Sonia Gandhi inaugurated the first bank at the Air India building in Nariman Point. Another six branches were inaugurated through video-conferencing.
"The Bank will initially have seven branches, which will go up to 25 by March 2014, and will focus equally on rural and urban areas," the Prime Minister said in his inaugural speech at the event. "It will offer special products keeping in view the needs of women entrepreneurs. It is a challenging task ahead for those who have been given the responsibility of beginning the operations of this Bank and nurturing it in its initial years," he said. "But it is also a meaningful and fulfilling endeavour which they have been entrusted with," the Prime Minister added.
Usha Ananthasubramanian, who was executive director of Punjab National bank, is the chairperson of the bank. Ananthasubramanian said all the BMB branches are on core banking, software for which has been provided by US-based banking and payment technology solution provider FIS. FIS, under an agreement with the Government, will provide banking and payment platform to the bank through outsourced delivery model. "For Bharatiya Mahila Bank, we are deploying all of its technology forum. Every piece of technology and all the back office services are being offered by us," FIS Chief Operating Officer Gary Narcross said.
The government had announced about the opening of the bank in the annual budget for 2013-14 fiscal presented in February. Addressing the opening session, Finance Minister P. Chidambaram said Bharatiya Mahila Bank will be a universal bank and will provide every banking service and facility that is provided by comparable public and private sector banks."It will establish branches all over the country and, in due course, some branches abroad," Chidambaram said. The finance minister asked private sector also open such women focused banks.
