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Women bankers looking for better career prospects, while also boosting financial access for the fairer sex, will soon have the option to move to the Bharatiya Mahila Bank (BMB) that will be ready to commence operations by November.
While the government is yet to finalize the chairperson for the all-women bank, sources said that Punjab National Bank executive director Usha Ananthasubramanian is the frontrunner for the job. If the appointment comes through, she will have a five-year run at the bank and will be able to implement the plan better than someone with a short tenure, sources said.
For the others, the finance ministry has written to public sector banks to allow women employees on deputation - a tough ask given that most state-run lenders are already complaining of staff shortage. But with a new bank in place, bankers expect not just better work conditions for women employees but even faster promotions. Although intake of women employees has gone up in most public sector banks, several drop out after putting in a few years due to difficult postings, often in rural areas or small towns.
Finance minister P Chidambaram had announced plans to set up probably the world's first women-focused bank in his Budget speech and had set a November deadline for the launch. While the original proposal was to get the lead bank in every district to set up a branch dedicated to women customers and all employees, other than the guard, being women. But it was tweaked later on the advice of Congress president Sonia Gandhi and her advisors. The government is looking at BMB to sell the idea as a tool for women empowerment after its image took a severe hit after the Nirbhaya rape case in December.
Government officials told TOI that the bank has received in-principle approval from the Reserve Bank of India, which is vetting the memorandum and articles of association. Simultaneously, it is identifying premises to start operations. While two buildings have been identified in Delhi for the bank's headquarters, other premises would be finalized by August 15.
Source: TimesofIndia
While the government is yet to finalize the chairperson for the all-women bank, sources said that Punjab National Bank executive director Usha Ananthasubramanian is the frontrunner for the job. If the appointment comes through, she will have a five-year run at the bank and will be able to implement the plan better than someone with a short tenure, sources said.
For the others, the finance ministry has written to public sector banks to allow women employees on deputation - a tough ask given that most state-run lenders are already complaining of staff shortage. But with a new bank in place, bankers expect not just better work conditions for women employees but even faster promotions. Although intake of women employees has gone up in most public sector banks, several drop out after putting in a few years due to difficult postings, often in rural areas or small towns.
Finance minister P Chidambaram had announced plans to set up probably the world's first women-focused bank in his Budget speech and had set a November deadline for the launch. While the original proposal was to get the lead bank in every district to set up a branch dedicated to women customers and all employees, other than the guard, being women. But it was tweaked later on the advice of Congress president Sonia Gandhi and her advisors. The government is looking at BMB to sell the idea as a tool for women empowerment after its image took a severe hit after the Nirbhaya rape case in December.
Government officials told TOI that the bank has received in-principle approval from the Reserve Bank of India, which is vetting the memorandum and articles of association. Simultaneously, it is identifying premises to start operations. While two buildings have been identified in Delhi for the bank's headquarters, other premises would be finalized by August 15.
Source: TimesofIndia
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