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Thursday, December 11, 2014

Bharatiya Mahila Bank opens Coimbatore branch

Bharatiya Mahila Bank plans to close the current fiscal with a network of 80 branches.

The year-old bank, according to its Chairperson Usha Anathasubramanian, has started to take baby-steps.

Launched by the UPA Government on November 19, 2013, this 100 per cent Government-owned bank, started its operations with seven branches, added two more to take it to nine before March 31, 2014.

“This is the 36th branch of the bank and the second in the state of Tamil Nadu,” she said, inaugurating the Coimbatore branch at Ramnagar.

New branches

Mahila Bank plans to open a branch in Pune the day after, followed by branches in Bhopal, Haridwar, Jamshedpur and Nagpur.

In Tamil Nadu, the bank plans to establish its presence in Tiruchi and Madurai.

“We intend to double the branch network to 80 before March 2015. The pace of expansion is going to be aggressive,” Usha Anathasubramanian told BusinessLine.

About 20 of these (branches) would be in rural, unbanked pockets, she said.

Total business

In its first year of operation, which was just for four-and-half months (between mid-November 2013 to March 2014), the bank registered a total business of Rs. 190 crore.

Its business at present is around Rs. 870 crore. Usha Anathasubramanian is confident of reaching the business target of Rs. 1,800 crore before the close of the current fiscal. “This is our first full year of operation,” she said.

Source : Thehindubusinessline


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