Mahila bank to start internet banking from June

Also plans to add six more branches by March end

Bharatiya Mahila Bank (BMB) Limited, the first women’s bank and a wholly-owned government institution, plans to start internet and mobile banking services from June this year.

“We have started ATM services from day one. We can expect the internet banking from June onwards,” said Usha Ananthasubramanian, chairman and managing director of the bank. She had come to inaugurate the bank’s 18th branch here today.

Priority is to have critical number of masses to use the services, she added.

BMB will recruit around 200 employees in 2014-15 while 300 odd more employees will come from other banks as it plans to open 55-60 more branches in the country in the next fiscal. The bank, at present, is present at Mumbai, New Delhi, Bengaluru, Chennai, Kolkata, Guwahati, Lucknow, Ahmedabad, Indore, Chandigarh, Dehradun, Raipur, Thiruvananthapuram Goa, Jaipur, Ranchi and Shimla. We will add six more branches by March end, she said. The bank is tying up with self help groups (SHGs) and NGO (non governmental organisations) for identifying the women beneficiaries.

“We are trying to offer collateral free loans up to Rs 1 crore by covering it under Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE),” the CMD said. The bank has also tied up with Tata Motors for extending car loans to women at lower interest.

At present, the bank is offering an interest of five per cent on savings bank account with balance of rupees one lakh and above and for amount less than Rs 1 lakh, the interest rate is 4.5 per cent. The interest for deposits upto Rs 1 crore is 9.15 per cent and for deposits above Rs 1 crore is 9.25 per cent.

“Even if the bank is named as Bharatiya Mahila Bank, it is open for both the genders for deposits. The lending is predominantly to the women folk. Out of every Rs 100 lent, Rs 70 is meant for women while the balance is for both the genders. The schemes have been designed to benefit the women,” she added. With working women in mind and to help them continue their jobs, the bank has designed a special loan product for setting up day-care centres. Educational loan, beauty parlour loan, loan to establish catering units, apart from the normal banking loan products such as vehicle loan, home loan are some of the other loan products that have been designed by the bank for the women.