Bharatiya Mahila Bank included in second schedule to RBI Act 1934

Bharatiya Mahila Bank (BMB), India’s first all-women bank, has been included in the second schedule to the RBI Act 1934.
With the inclusion in the second schedule or commercial bank category, the bank has become eligible for loans from RBI on bank rate and also gets membership of clearing houses. Furthermore, it assures that any activity of the bank would not adversely affect the interests of depositors.
BMB has been in existence since November 2013 which began with a seed capital of Rs 1,000 crore. To focus on the banking needs of women and promote economic empowerment is one of the main objectives of BMB.
At present, the loan portfolio of the BMB is about Rs 80-90 crore. It offers loan to girl child at a concessional rate which is 1% lower than the normal rates.

Month: Current Affairs - May, 2014