Bharatiya Mahila Bank (BMB), which has 40 branches in various parts of the country, will open 40 more branches during the current financial year, according to SM Swathi, Executive Director of the bank.
Speaking at the inauguration of the 40th branch of the bank in the country at Mangaluru on Tuesday, she said that the 40 branches that will be opened during the year will be located in tier-2 and tier-3 centres and rural areas.
Of the 40 branches, 20 will be opened in rural areas and the rest in tier-2 and tier-3 centres, she said.
Stating that the bank is open to both men and women, Swathi said the lending is predominantly to women. The bank offers women-centric products such as loans for child daycare centres, and catering centres, to enable them engage in economic activities.
Bharatiya Mahila Bank has entered into a memoranda of understanding with Naturals and Cavincare to support the banking needs of women franchises, Swathi said.
Inaugurating the branch, Thulasi Maddineni, Chief Executive Officer of Dakshina Kannada Zilla Panchayat, said that more and more branches of BMB should come up in tier-2 and tier-3 centres in the country. The bank should take the total number of branches to 1,000 in the next five years, she said.