India’s first all-women bank, Bharatiya Mahila Bank (BMB), is planning to launch more bank offices in smaller cities and rural areas starting next fiscal, as part of its expansion strategy and to boost customer base.
The expansion plan will enable BMB to achieve its target to operate a branch network of 80 offices by March 2015.
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BMB CMD Usha Ananthasubraminan was quoted by PTI as saying, "The bank has to gain its visibility and it needs to establish its brand.
"We want one branch in each state as we want to have pan India presence. From April this year, we will be moving into Tier II, III and rural areas to open our branches," Ananthasubraminan added.
Bharatiya Mahila Bank has been established with an initial paid-up capital of INR10bn ($161m) and it is working to increase its business size to INR600bn ($9.65bn) by 2020.
In order to attract more customers, the startup bank has launched loan products like advances for catering services, Day Care centre loan, and easy SME loan.
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By GlobalData"We will also looking at tie up with motor company where women can get 90% finance of showroom price to encourage women to own car," Usha concluded.
