India’s Bharatiya Mahila Bank to start internet, mobile banking services: Report

Bharatiya Mahila Bank (BMB), an India-based women’s bank and a wholly-owned government institution, is reportedly planning to begin internet and mobile banking services in the country from June 2014.

Bharatiya Mahila Bank (BMB), an India-based women’s bank and a wholly-owned government institution, is reportedly planning to begin internet and mobile banking services in the country from June 2014.

Speaking at the opening ceremony of the bank’s 18th branch in Bhubaneshwar, Odisha, BMB chairman and managing director, Usha Ananthasubramanian, said they have started ATM services from day one and expect the internet banking from June onwards.

This move is part of the bank’s strategy to have critical number of masses to use its services.

BMB also plans to open additional 55-60 branches in the country in next year and will recruit around 200 employees in 2014-15.

The bank is partnering with self help groups (SHGs) and non-governmental organisations (NGOs) for identifying the women beneficiaries.

Usha said the bank is trying to offer collateral free loans up to INR10m ($0.163m) by covering it under Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).

"The lending is predominantly to the women folk. Out of every Rs 100 lent, Rs 70 is meant for women while the balance is for both the genders. The schemes have been designed to benefit the women," Usha added.