New Delhi, Nov 20 – India’s all women bank, the Bharatiya Mahila Bank has begun operation with several branches being opened simultaneously.
“The Bharatiya Mahila Bank is not a symbol of empowerment of women. It is the substance of empowerment of women, along with many other measures that the government has taken and will take in the future,” said Finance Minister P. Chidambaram.
According to him, only 26 per cent of women in India admit to having a bank account.
On the other hand, four public sector banks including the State Bank of India and several private sector banks have a woman as head of the bank.
“The obvious conclusion is that, despite good intentions, there is deep-seated bias at the institutional and individual levels against women,” Chidambaram said at the inauguration of Bharatiya Mahila Bank in Mumbai.
Since fewer women than men have bank accounts, fewer women are able to get loans.
“Per capita credit for women is 80 per cent lower than in the case of men. Hence the need for a bank that predominantly serves women – from the self-help groups to the small business women and from the working woman to the high net worth individual,” said the minister.
Chidambaram said Bharatiya Mahila Bank will be “a universal bank” and provide banking service and facility comparable to that given by public and private sector banks.
“It will establish branches all over the country and, in due course, some branches abroad. We are proud that the first such bank is a public sector bank and I sincerely hope that the private sector will emulate this example,” he added.
– Bernama
