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Bharatiya Mahila Bank, (BMB) established by the previous government, is to be closed. The finance ministry is to approach the Cabinet in a month with such a proposal.
Ministry sources said this amid speculation that BMB would be merged with State Bank of India. Earlier, SBI chief Arundhati Bhattacharya had said: “I do not know the basis of this news and I have not been approached on this…I think this is something they are discussing at the Cabinet.”
She had said the country's largest lender would not have a problem in amalgamating BMB, a small bank. Launched in 2013 with paid-up capital of Rs 150-200 crore, it has 60 branches across the country. The mandate was to cater for women.
