Female powered Bharatiya Mahila Bank opens branch in Sikkim

GANGTOK, 31 Mar: Sikkim has got its first Bharatiya Mahila Bank [BMB] branch here at Tadong near the Ayurvedic Research Centre. The bank was inaugurated today by former Secretary, Jayashree Pradhan, in the presence of Chairman cum Managing Director, BMB, Usha Ananthasubramaniam.

Bharatiya Mahila Bank is the first of its kind in the banking industry in India formed with a vision of economic empowerment for women. Incorporated under the Companies Act 1956 on 05 August 2013, the Bank received the certificate of commencement of Business on 22 August 2013 and the Banking License from RBI on 25 September 2013. The Bank’s Corporate Office is at the IFCI Towers, 9^th floor, Nehru Place, New Delhi.

The Bank contends to have designed and developed new products and services to suit the needs of women of all segments including Self Help Groups, women entrepreneurs, salaried women, HNIs and Corporates.

The Bank with an all women Board of Directors is headed by Usha Ananthasubramanian as Chairman and Managing Director of the Bank.

Addressing the occasion, the chief guest, Ms. Pradhan said, “It is an honour to inaugurate BMB, a women-centric bank which will impact the lives of the ordinary women by empowering them to realize their dreams”. She congratulated the Bank on the opening of its 23^rd branch and expressed hope that the Bank would expand further in Sikkim as, she said, there is immense potential in bringing women into the fold of financial services.

Managing Director, Ms Ananthasubramanian informed that the Bank is designed to cater to the needs of women and offers all kinds of banking and financial services. In fact, the access to finance and banking not only helps empower women but also broadens the social base of development, thus fostering equitable growth, she stated.

She further informed that the bank will cater to all segments 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 mainstream economy”, she added.

The function was also attended by other organizations, officials from various banks and government officials.