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Monday, February 9, 2015

Bhartiya Mahila Bank eyes Rs. 1,000 cr business this fiscal

Bhartiya Mahila Bank (BMB), Government-owned all-women bank, hopes to close the current financial year with over Rs. 1,000 crore business. “Our primary target is to expand out footprint across the country, including tier-III towns and un-banked villages. We will close the year with 80 branches,” said Usha Ananthasubramanian, Chairman and Managing Director of the bank.

According to her, the 15-month-old bank currently has 45 branches, and is on track to have 80 branches by the end of the year. It has several branches in the pipeline in different stages of completion.

“Considering that the bank was started from scratch and is taking its baby steps yet, the numbers are quite satisfactory,” she said adding next year BMB will cross Rs. 1,800 crore of business.

The bank’s primary focus is to promote entrepreneurship among women. In this direction, it has signed pacts with beauty salon brands such as Naturals, GreenTrends and Lakme (beauty salons) and funded hundreds of women to own and run franchisee outlets of these brands. It also has Rs. 200-crore exposure to corporates, particularly those run by women.

Today, it signed a memorandum of understanding with Bharatiya Yuva Shakti Trust (BYST) to promote entrepreneurship among youth. Addressing a press conference here to mark this occasion, Ananthasubramanian said under the pact, financial and monitoring assistance will be provided to the under privileged youth in the age group of 18-25, women, ethnic minorities and physically challenged – but with an initiative and a meritorious business idea.

The loan would be for a period of 5-7 years depending on the loan amount, business type and the expected cash-flow generation. Besides, a holiday period of up to 24 months will also be given on a case-to-case basis.

Lakshmi V Venkatesan, Founding Trustee and Executive Vice-President of BYST, said the Trust would offer guidance through mentors with a whole range of innovative business development services.

Source : Thehindubusinessline


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