Bharatiya Mahila Bank targets 4,000-cr business in FY16, plans to open 70 branches

Bank says it is sufficiently capitalised for the next 12 months

Women-focussed Bharatiya Mahila Bank (BMB) is targeting a four-fold jump in total business turnover in the fiscal 2015-16, up from the current Rs 1,000 crore. As part of it, the bank has set a target to add 70 more branches during the aforesaid period.

The 15-month-old bank currently has 45 branches, which, it intends to increase to 80 by March 2015, followed by another 70 by the next fiscal year. Of the total new bank branches, 20 per cent would be coming up in unbanked areas.

“We are also planning to give more emphasis to Tier II and III cities,” said Usha Ananthasubramanian, BMB’s chairman and managing director.

She said the network expansion along with the branch stabilisation was key for them, and challenges include attracting human capital.

The bank has recruited 250 new officers as full-time and would be adding another 350-400.

“BMB wants to be predominantly staffed by the women. Currently it is running a ratio of 70:30, in favour of women,” Ananthasubramanian said.

To a question on capital requirement, she said, “We may look at it after one year like whether we need to go to the government or to the public, which will depend on how we are growing and scaling up.”