Bharatiya Mahila Bank on expansion mode, proposes to open 35 more branches

The bank will also launch a mobile application

Government owned Bharatiya Mahila Bank has proposed to open 35 more branches taking the total to 80 by next month besides launching a mobile application as part of strengthening its services in the country, a top official said today.

"Next week, we will be launching a mobile application. We have the capital which was given to us by the Government at the time of launching the bank 15 months ago which is Rs 1,000 crore," Bharatiya Mahila Bank Chairperson and Managing Director Usha Ananthasubramanian told reporters.

She said the amount was sufficient right now, adding strengthening of the bank was a priority.

Stressing the need for expanding in various zones, she said, "in some areas, people may not be aware of a bank like ours. For that we need to set up the office. By March we are expecting to have a total branch network of 80. We will be adding 35 more branches".

Referring to the Pradhan Mantri Jan-Dhan Yojana (PMJDY) Scheme, the National Mission for Financial Inclusion, she said about 66,000 accounts have been opened by the bank so far, while in a remote area in Rajasthan 9,000 accounts alone were opened under the scheme.

On the business target for next year, she said, "This year we are expecting business of Rs 1,800 crore. For next financial year we may target a total business of Rs 4,000 crore.

"See, we are trying to put our baby steps forward. It is just a 15 month old bank and we are competing against several banks which have been established several decades ago".

Top bank officials from Bharatiya Mahila Bank were here to ink a memorandum of understanding with Bharatiya Yuva Shakti Trust to promote women entrepreneurs through which financial assistance would be given to suitable candidates by the bank.