Mahila Bank chief tells women money multiplies with banks

In order to bring women to formal banking channels, they need to be made aware that their money multiplies with banks and is safe too, Bharatiya Mahila Bank Usha Ananthasubramanian said today.
She further said women need to be told that they can borrow money from banks at lower cost.
"There is a lot of work needs to be done with women of India and to bring them into the mainstream," she said while inaugurating a summit on 'Leveraging Jan Dhan Yojana-- A Viable Option for Sustainable Development of Women Entrepreneurship,' organised by Assocham.
Indian women have always been good at savings and borrowing but only thing is they didn't access the formal channels like banks as they never knew their money can grow, she said.

"Women need to come out and more professionally start seeking advises so that it helps them in having a better horizon in what is happening in the financial sector," she added.
She said there is a need to have an exclusive chambers for women entrepreneurs as they are not very good at networking.

"At BMB, which has been formed predominantly to support and empower women we have devised products keeping in mind all kinds of women," she said.
Talking about the various women-specific loan products devised by the bank, she said: "We are trying to give a special product for people wanting to set up beauty salons as the beauty parlours are of the gone era, what we are looking at and what is being sought after is the beauty salons."

Talking about the Pradhan Mantri Jan-Dhan Yojana, Ananthasubramanian said that technology maturity is a major contributor to the success of this movement.
"Maturation of technology is one of the major contributions to the success of PMJDY which brings in the under-served, unserved population of the country," she said.