The Bank encourages women entrepreneurs through financial support to women who intend to start a new venture. MoUs have been signed with Lakme, Naturals and Cavinkare to help women set up beauty salons. In the current indian sociological set up, women do not own immovable properties and this becomes a stumbling block to women to pursue their dreams. Understanding this, the Bank offers a collateral free loan of upto Rupees One crore, covered under Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE).
The Bank also offers several women centric loan products, to help women unleash their potential by starting small and medium enterprises in any field where they could bring out their hidden talents. BMB Parvarish - Child Day Care Centre Loan, BMB Annapurna – Catering Services Loan are some of the women focussed, innovative, loan products. The Bank also reaches out to the last mile through tie-ups with NGOs, Micro Finance Institutions and other organisations of repute for micro credit loans to women.
Komal Kali, a unique recurring deposit product exclusively for the girl child, has been created with a view to create a corpus for higher studies, starting own business etc as she turns 18.
As Chairman and Managing Director, I welcome you to the Bank and be part of Empowering Women, Empowering India.
- Usha Ananthasubramanian, CMD
Bharatiya Mahila Bank has been set up with a special mandate to serve the women of the country by meeting their financial needs and by ensuring that financial inclusion of women is undertaken extensively. The Bank’s Tagline is “Empowering Women – Empowering India”.
The Bank understands that women need financial literacy inputs more than men, as they are deprived of the various experiences dealing with money matters and generally have low ownership of financial and other assets. Moreover many of them do not leave their homes and thus do not interact with market forces, thus losing out on valuable experiences in dealing with money matters. In the absence of the awareness/knowledge/capability about the financial products and processes, the banking facilities created at substantial cost and effort may not be utilized and customers continue to expose themselves to various risks of over-indebtedness, inadequate cushioning from loss of income and assets.
Bank has initiated the first step of financial drive, through Financial Literacy. Bank undertakes financial literacy activities through its Branches every week. In less than one year, we have conducted financial literacy programmes through the network of 34 Branches across the country, with more than 25000 beneficiaries.
Encouraging Women entrepreneurs, from all strata of society is taken by the bank, for empowerment of women. For the women at the bottom of the pyramid, Bank extends micro finance, for which, we have tied up with various NGOs. The group of women from the SHGs, who have been trained /nurtured by the NGOs, are financed by the Bank to convert their capabilities into livelihood activity. To this end, any income-generating activity is encouraged for financing. Many women-centric innovative products are launched by the bank. Catering loan, Day-care centre loan, Beauty Parlour Loans are some such loans, to name a few.
A further step has been taken by the bank to strengthen ties with reputed NGOs and facilitate lending. Bank has entered into MOU with some reputed NGOs, Institutions and Societies, viz., Mahila Arthik Vikas Mahamandal -Mumbai, GCCI in Ahmedabad etc., We are also assisted by various NGO’s in the local areas.
Micro financing to the target group is provided through our collateral free/Guarantee free Microfinance loan products like BMB Micro credit card, SHG financing ,JLG financing etc. Our exposure to these segments have benefitted more than 700 beneficiaries. We help them in taking up new ventures/expand existing activities. All kinds of agricultural activities, in addition to other micro-activities like vegetable vending/utensil vending/setting up of beauty parlor/sale of readymade garments/Jewelery making, embroidery etc. are encouraged by our Bank.
Bank has extended financial assistance through Kalanjiam Development & Financial Services(KDFS) to 48750 women beneficiaries, involved in dry-land farming and other allied activities. Similarly, through Bharatiya Micro Credit, bank has financed to SHGs/JLGs consisting of more than 3000 women beneficiaries for purchase of Rickshaws and sewing machines. Through Sreema Mahila Samity we are assisting women by lending to SHGs groups comprising of 1654 members in 5 district of West bengal
With a view to help rural women to become micro-entrepreneurs, Bank, in tie up with Drishtee has initiated the project "Momo-Rangoli". This is a W2W (Women To Women) concept of retail shop by, for and of women. Seven such shops have been financed in the interiors of Malihabad, near Lucknow.
Pradhan Mantri Jan Dhan Yojana:
Even with the limited presence in the urban area and small network of only 23 branches we canvassed more than 21000/- account on 28th August. We are continuing with our efforts to contribute maximum to the scheme with full zest and zeal.We garnered more than 7000 accounts in the rural area of Dholpur. During the financial year 2014-15 ,the Bank proposes to open 20 rural branches. The Bank is exploring all possible mechanism for reaching out to the last mile
The bank is thus continuously marching ahead in its path towards inclusive Banking. Even though a long distance has to be covered but we have made a robust beginning.
BHARAT MAHILA BANK -- A FEW POINTS
Reviewed by sambasivan srinivasan