The 40th branch of Bharatiya Mahila Bank (BMB) was inaugurated in Mangaluru today, the second in Karnataka after Bengaluru.
A posse of official from the Mangaluru headquartered Corporation Bank including its two Executive Directors, Amar Lal Daultani and Bibhas Kumar Srivastav, were present on the occasion for the reason that BMB’s Executive Director, S.M. Swathi had Corp-Bank lineage. Officers and staff from other public sector banks from Mangaluru, the cradle of banking industry, too were present.
Inaugurating the Mangaluru Branch, Zilla Panchayat Chief Executive Officer, Thulasi Maddineni wished that the bank opened 1,000 branches in the next five years, giving the much needed fillip to women. And these branches should come up in Tier 2 and 3 cities as well as rural areas. Despite accounting for 50 per cent of the population, the potential of women is yet to be utilised and the BMB is a right move, she said.
80 branches this year
Speaking on the occasion, Ms. Swathi said the bank has plans to open 40 more branches this fiscal, including 20 in rural areas. Though women are the preferred customers, men too are welcome, but with normal preference, she said. BMB offers additional 0.5 per cent interest to women for term deposits while for savings bank accounts, the rate of interest is 4.5 per cent for balance up to Rs. 1 lakh and 5 per cent for balance above Rs. 1 lakh, she said.
Ms. Swathi said BMB’s Annapoorna, Shrungar and Parivarsh credit schemes, financing catering, beauty care and crèches respectively for women, have been receiving overwhelming response. With women-centric focus, BMB opened in November 2013 has the arduous task of building the brand name, she said.
Speaking to presspersons later, Ms. Swathi said the Bank had done a business of Rs. 930 crore till December 2014 in the present fiscal including Rs. 610 crore deposits and Rs. 320 crore lending. Against the target of Rs. 800 crore deposit and Rs. 500 crore advances set by the government, the bank aims at collecting Rs. 1,000 crore deposits and lending Rs. 800 crore loan, she said.
About 300 people, including 100 on deputation from other banks, are working with BMB and the Bank aims to increase the work-force to 500 by March. Though women employees constitute 80 per cent of the work-force, the bank cannot shut doors for male employees, she added.
