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Saturday, August 17, 2013

Bank of India plans to open 50 all-women branches

The Bank of India plans to open 50 all-women branches — one in each of its 50 zones — to facilitate the empowerment of women, according to Vijayalakshmi R. Iyer, Chairperson and Managing Director of the bank.

She was speaking here on Friday after inaugurating an all-women branch at Seethammadhara in the Visakhapatnam zone.

“The idea, of course, behind opening such branches, is to put women at ease and encourage them to transact with the bank. These branches will function like all other branches, but with more emphasis on financing schemes beneficial to women and encouraging entrepreneurship among them. Micro finance is a very important area and self-help groups of women (SHGs) are doing well in Andhra Pradesh. These branches will focus on such areas,” she said.

She said the location would have to be carefully chosen for the success of such branches. “The Union Government is thinking of setting up a bank exclusively for women. We have drawn inspiration from the idea and we are certain these branches will be successful,” she said.

She said the Seethammadhara branch has already transacted business of Rs 25 crore. Referring to the performance of the bank during the current financial year, she said the first quarter was quite satisfactorywith business of Rs 49,000 crore.

“There may be a slight lull in the second quarter, but we will make all efforts to maintain the momentum and we are sure of achieving our targets by the end of the financial year,” she said.

More branches

The CMD said the bank had decided to open 250 branches more in the country, in addition to the existing 4,322 and 49 branches have been established in the first quarter.

The bank will also add a thousand ATMs during the current fiscal, in addition to the existing 2,500. Referring to the Visakhapatnam zone, she said there were 103 branches in the zone, with business of Rs 4,700 crore, and seven-eight branches would be added in the current year.

Ch.Ramakotaiah, the President of the Visakhapatnam branch of the Builders’ Association of India, opened an account in the branch in the name of his wife. M. Sree Lakshmi, branch manager, also spoke.

Source: thehindubusinessline


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