All-women bank to open 55 branches in FY '15

Bharatiya Mahila Bank (BMB), the first all-women bank and a new entrant in the sector, has embarked on a mission to open 55 additional branches pan-India by the next financial year, a senior official said on Tuesday.

"We are going to touch a mark of 25 branches by end of this financial year, while for the ensuing FY, the target is to have 55 additional branches in the two-tier and unbanked cities," BMB Chairperson and Managing Director Usha Ananthasubramanian told reporters.

She was here to inaugurate the 14th branch of the bank. The bank allows deposits from everyone, but lending will be predominantly for women, the CMD said. On women’s loan repayment record, she said, “Women don't default much. Often there is peer group pressure on them.” 

The bank said that it has tied up with Tata Motors for vehicle financing. 

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