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Bharatiya Mahila Bank included in second schedule to RBI Act

LiveMint logoLiveMint 21-05-2014 PTI

Mumbai: Bharatiya Mahila Bank (BMB), the country’s first all-women lender, has been included in the second schedule to the RBI Act.

Post inclusion in the second schedule or commercial bank category, the lender becomes eligible for loans from RBI on bank rate and also acquires membership of clearing houses. Also, it provides that any activity of the bank would not adversely affect the interests of depositors.

The Reserve Bank in a notification on Wednesday said, “... the name of Bharatiya Mahila Bank Limited has been included in the Second Schedule to the Reserve Bank of India Act, 1934.”

In existence since November 2013, the bank started with a seed capital of Rs1,000 crore. One of the key objectives of the lender is to focus on the banking needs of women and promote economic empowerment.

The current loan portfolio of the bank is about Rs80-90 crore. It provides loan to girl child at a concessional rate which is 1% lower than the normal rates.

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