Government to merge Bharatiya Mahila Bank with SBI

The Union Finance Ministry has decided to merge the Bharatiya Mahila Bank (BMB) with the State Bank of India (SBI). This merger seeks to ensure greater banking services outreach to a larger number of women, at a faster pace. The decision to merge BMB with SBI was taken in view of the advantage of the large network of SBI among other things. Since its establishment in 2014, BMB has extended loans of Rs. 192 crores to women borrowers, while the SBI group has provided loans of about Rs. 46 thousand crore rupees. Besides, out of the total workforce of around 2 lakh employees in SBI, 22% are women. SBI group already has 126 exclusive all-women branches across the country while BMB has only seven.

Month: Current Affairs - March, 2017