The first all-women bank in India, Bharatiya Mahila Bank, is to set up retail operations in November this year.
The bank – set up exclusively for female customers – is to open 39 branches in its first year of operating, following approval from the Indian Finance Ministry.
Go deeper with GlobalData
Bharatiya Mahila Bank, which will get initial capital equivalent to $1.7bn, plans to open up to 300 more branches within the next five years.
The state-owned bank was backed by the Indian Finance Minister Palaniappan Chidambaram, who announced proposals for an all-women bank in a budget speech earlier this year.
"Initially we should start with at least one branch in each major region of this country, South, West, East, Centre, North and the North-east," he said.
Usha Ananthasubramanian, executive director of Punjab National Bank, is set to be the chief executive of Bhartiya Mahila, which will include both male and female staff members.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAn all-women checking account is currently offered in India by HDFC Bank, the country’s third-largest bank by assets. Two female-only cards, Solitaire and Solitaire Premium, were piloted in late 2011 with travel and shopping offers by an all-female product development team.
Related articles:
HDFC Bank targets women with two new credit cards
HDFC Bank offers credit cards in rural India
Vodafone and ICICI Bank continue roll out of M-Pesa in India
India’s Axis Bank opens retail banking subsidiary in UK
Reserve Bank of India receives 26 applications for licences
