Mahila Bank targets business mix of R60,000 cr by 2020https://indianexpress.com/article/news-archive/web/mahila-bank-targets-business-mix-of-r60-000-cr-by-2020/

Mahila Bank targets business mix of R60,000 cr by 2020

Bharatiya Mahila Bank,the first all-women bank inaugurated last month,expects its business to touch Rs 60,000 crore in the next seven years.

Bharatiya Mahila Bank,the first all-women bank inaugurated last month,expects its business to touch Rs 60,000 crore in the next seven years.

“We are aiming to achieve business mix (total deposit and advances) of Rs 60,000 crore by 2020,” Bharatiya Mahila Bank (BMB) chairperson and managing director Usha Ananthasubramanian said.

The bank has launched a few women specific products and is in process of launching few more,she said.

Some of the special products to be launched shortly include loans for setting up catering services and hygienic day-care centres for children of working women,she added.

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The bank has also decided its fixed deposit rates at 9 per cent for one year,almost at par with leading public sector banks,and savings interest rate at 4.5 per cent,higher than what other public sector banks offer. It also plans to add 16 more branches to its network in the next four months.

The bank intends to fulfil its obligation of meeting 25 per cent of its branches in rural and unbanked areas from the next fiscal.

Earlier this month,the bank,a pioneering initiative to empower women,was launched with a corpus of Rs 1,000 crore to function as a universal bank.