Bharatiya Mahila Bank to open branch in Kerala

Thiruvananthapuram: Bharatiya Mahila Bank Ltd (BMB), the first all-women nationalised bank, is opening its branch in Kerala's capital, Thiruvananthapuram.

The bank would soon have branches in all state capitals as part of its expansion plan and it would have a total of 25 branches by the end of March 2014, Bank DGM Maya M C told a press meet here today. "As part of our expansion plans, our 13th branch will be opened at Manacaud here on March 10. Travancore royal family member Aswathy Thirunal Gouri Lakshmi Bayi will inaugurate it," she said.

She said the bank is designed to cater to the needs of women of all strata of society and empower them by offering 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," she said.

"We have a lot of innovative products exclusively for women like kitchen modernisation loan, beauty parlour loan and loans to establish catering units and day care centres. "We are also planning to cater to the needs of small income groups like flower vendors.

The interest rate of housing and vehicle loans will be lower for women compared to men," she said. The bank also offers total collateral free loans up to Rs 1 crore by covering it under CGTMSE.

Seeking to ensure the banking services in rural areas where there is no bank facility, BMB plans mobile banks and the first such one would be launched in Rajasthan soon, the official added.