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The access to finance and banking not only helps empower women but also broadens the social base of development, thus fostering equitable growth.
BharatiyaMahila Bank Ltd., first women’s bank in India and a wholly owned Government institution today opened its 21st branch at Shillong. The Branch was inaugurated by Smt. Patricia Mukhim, Eminent Educationist, Activist and.
On the occasion, the Chief Guest Smt. Patricia Mukhim said that it was an honour to inaugurate Bharatiya Mahila Bank, a woman-centric bank, which will impact the lives of the ordinary women by empowering them to realize their dreams.
| It will cater to every segment of women from self-help groups to lower middle class women to high net worth individuals with the basket of various products to ensure inclusive and sustainable growth. |
Smt. Patricia Mukhim also congratulated the Bank for opening its 21st Branch at Shillong. She also desired that the Bank should expand in Meghalaya as there is immense potential for taking the women into the fold of financial services. Inaugurating the branch, the Chairman & Managing Director informed that the Bank is designed to cater the needs of women and offers the entire banking and financial services. The access to finance and banking not only helps empower women but also broadens the social base of development, thus fostering equitable growth. It will cater to every segment of women from self-help groups to lower middle class women to high net worth individuals with the basket of various products to ensure inclusive and sustainable growth. As our women have minimal access to finance and financial products, with the opening of this branch, the Bank would work to empower our women to contribute to the growth processes of the mainstream economy.
| As our women have minimal access to finance and financial products, with the opening of this branch, the Bank would work to empower our women to contribute to the growth processes of the mainstream economy. |
At present, the Bank is offering an interest of 5% on Savings Bank account with balance of Rupees One lakh and above and for amount less than Rs. One lakh, the interest rate is 4.5%. The interest for deposits upto Rs. 1 Crore is 9.15% and for deposits above Rs. 1 Crore is 9.25%. In the case of women customers, the Bank is offering concessionalrate of interest as applicable for various loan products. With working women in mind and to help them continue their jobs, the Bank has designed a special loan product for setting up day care centres. Educational loan, beauty parlour loan, loan to establish catering units, apart from the normal banking loan products such as vehicle loan, home loan are some of the other loan products that have been designed for the benefit of women.
The Bank has also tied-up with New India Assurance Co. Ltd. for providing general insurance products to cater the needs of women at the bottom of the pyramid, working women and also for their family as a whole. The Bank also offers total collateral free loans upto Rs. One Crore by covering it under CGTMSE. The Bank has also tied up with TATA Motors where there is a lower margin offered to women.The Bank will also conduct programmes on financial literacy, skill development, training for women of all segments of the society so that women in turn generate more income, more jobs and growth opportunities and contribute significantly for the economic growth of the nation.
The Bank is currently present at Mumbai, New Delhi, Bengaluru, Chennai, Kolkata, Guwahati, Lucknow, Ahmedabad, Indore, Chandigarh, Dehradun, Raipur, Thiruvananthapuram Goa, Jaipur, Ranchi, Shimla, Bhubaneshwar, Hyderabad and Agartala. As envisaged earlier, the Bank would have a total of 25 branches this year.The Shillong branch is dedicated to the public and the women in particular.