Dehradun: The Bharatiya Mahila Bank, an all-women bank which aims to cater women clients, particularly entrepreneurs and women self-help groups, has opened in Dehradun. This was the 11th branch in India.
Chairman and managing director of the bank Usha Ananthasubraminan, who inaugurated the local branch, said that the access to finance and banking not only helps to empower women, but also broadens the social base of development.
“It will cater to every segment of women, from self-help groups, lower middle-class women to high net worth individuals, with various products to ensure inclusive and sustainable growth,” she said. “As our women have minimal access to finance and financial products, with the opening of this branch, the bank will 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 accounts with a balance of Rs 1 lakh and above, and for amount less than that, the interest rate would be 4.5%. The interest for deposits of one year and above is 9.15%. In the case of women customers, the bank would offer concessional rate of interest as applicable for various loan products, said Ananthasubraminan. Keeping the working women in mind, the bank has designed a special loan product for setting up day care centres. A Bharatiya Mahila Bank official said that the bank would also conduct programmes on financial literacy, skill development, and training for women of all segments of the society, so that they could generate more income, more jobs and growth opportunities and contribute for the economic growth of the country.