India’s First Women-Only Bank: Everything That You Should Know

India’s First Women-Only Bank (Bharatiya Mahila Bank) was inducted by the Indian Prime Minister Manmohan Singh. The purpose of the bank is simple to help women financially. The initial funding of the bank is 10 billion rupees and the government will control all the activities of this bank. Only 26% women have bank account in India and this bank will help to increase this figure. The bank will give preference to a women clientele. The motto of the bank is to empower freedom of women.

"The sad reality is that women in India face discrimination and hardship at home, at school, at their place of work and in public places. Their social, economic and political empowerment remains a distant goal," said Prime Minister.

So, here are the most Important Things about the Women-Only bank in India:-

1. The Headquarter of the bank is in Delhi, the government has aimed to set up 25 brunches in the country by 31st March, 2014. The government also planned to open 771 branches over a 7-year period.

2. Usha Ananthasubramanian appointed as the bank’s chairperson by the Government, She was also an executive director of Punjab National Bank (PNB).

3. The bank inaugurated on 19th November, 2013 with the birth anniversary of late Prime Minister Indira Gandhi, who was India’s First Woman Prime Minister.

4. The bank will essentially employ women. So this is the huge chance to be Self-dependent for women and it is also an important objective of this bank. Basic objective of the bank is to concentrate on the banking needs of women and make a substantial economic structure through women’s development. The bank has an all-women board of 8 members. So the purpose of the bank is clear.

5. Other branches of the bank which is now active is in Guwahati, Kolkata, Chennai, Bengaluru and Ahmedabad.

Undoubtedly it is a very positive step by Indian Government. More women will hold jobs and serve government office and as women will have the chance to work and participate in their societies their economic and social contributes will be multiplied.

Unfortunately India is fourth most dangerous place for women. So it is an unquestionably effective act by the government to improve this situation. But it is a very small step indeed but there is a saying also that Every Small step in the right direction develops into the start of something big. So hopefully it will create a major impact to the Indian economic system.