The full form of BMB is Bharatiya Mahila Bank. BMB was an Indian investment bank with a Mumbai location. The scheme was introduced on November 19, 2013, the 96th anniversary of former Indian Prime Minister Indira Gandhi’s birth, by former Indian Prime Minister Manmohan Singh. On April 1, 2017, the bank merged with the SBI as part of the Modi administration’s banking sector reforms and to increase women’s access to high-quality financial services.
While being run by women and specialising in lending to women, the bank accepted deposits from anyone. India was the third country after Tanzania and Pakistan to have a bank dedicated only to assisting women.
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BMB’s Major Objective
- The bank emphasised the importance of funding for the development of skills that support economic activity. Additionally, the products were made in a way that would grant women a slight discount on loan interest rates.
- Usha Ananthasubramanian (CMD) stated that the bank also wanted to empower individuals through commercial endeavours and, in collaboration with NGOs, sought to organise women locally to teach them in vocations, including toy making, operating tractors, and phone repair.
- One of the bank’s top focuses was to encourage female consumers to invest in money. According to research, women who own assets are less likely to experience severe domestic violence.