First branch of all-woman bank inaugurated

Over two weeks after its launch, the maiden branch of Bharatiya Mahila Bank (BMB) in Madhya Pradesh was inaugurated in Indore on Wednesday.

Snehlata Srivastava, Additional Secretary in Union Finance Ministry, inaugurated the branch housed in State Bank of India's complex near the GPO square."This branch will help meet the small financial needs of women, especially those belonging to weaker sections of society," she said on the occasion.

Later, in an informal chat with reporters, Srivastava said at present nine branches of the country's first all-woman bank are functioning in various cities. In the current financial year, 16 more branches of BMB would be opened in cities like Patna, Hyderabad, Ranchi and Gangtok, she said.

Prime Minister Manmohan Singh inaugurated the all women bank in Mumbai on November 19. The newest public sector lender, set up with a corpus of Rs 1,000 crore, is a pioneering initiative to empower women.

It provides loans keeping in mind specific needs of women, who can borrow money for kitchen furniture, utensils, crockery and cutlery, among others.