BMB to open 55-60 new branches in next financial year

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Bharatiya Mahila Bank (BMB), the first all-women bank, which opened its 19th branch here today, will open 55-60 new branches in 2014-15 fiscal, a top official said.

"By March 31 this year, 23-24 branches will be opened and BMB will have 55-60 more branches in next financial year scattered across the country.

"As per RBI guidelines, 20 branches out of the proposed around 80 will be opened in the rural areas," Usha Ananthasubramanian, chairperson and managing director (CMD) of Bharatiya Mahila Bank told reporters.

BMB which opened its first branch in November last year, needs to have a brand, she said.

"We need to establish a brand. The bank is designed to cater to the needs of women and offers the entire banking and financial services. It will cater to every segment of women from SHGs to lower middle class women to high net worth individuals with the basket of various products to ensure inclusive and sustainable growth," she said.

The bank has designed a special loan product for setting up day care centres.

BMB also offers total collateral free loans of upto Rs 1 crore by covering it under CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises).

"We will reach to the rural women by having tie-ups with NGOs," she said.

The government approved Rs 1,000 crore seed capital for the women-focused public sector bank, announced by Finance Minister P Chidambaram in his budget speech.

One of the key objectives of the bank is to focus on the banking needs of women and promote economic empowerment.

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