India’s first all-women bank has selected FIS to provide its technology platform.
Bharatiya Mahila Bank was launched 19 November, the birthday of former Prime Minister Indira Ghandi. The bank has teamed up with FIS for functions including core banking, channels, trade finance and payment services.
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Usha Ananthasubramanian, chairman and MD of Bharatiya Mahila Bank, said: "Women are the most underutilised economic asset of our country. Our goal is to be the foremost provider of banking services to women.
"FIS was able to present us a high-quality technology solution with a model that could be operationalized in the shortest time frame and is easily scalable for our planned growth."
The state-owned bank was launched by the government to improve the financial inclusion of women, especially those in rural areas.
Raja Gopalakrishnan, group MD of FIS Asia, said: "Women are one of the most financially underserved market segments in India, and this initiative is a significant step to change that. FIS is proud to be able to contribute to this important social and fiscal initiative.
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By GlobalData"It is crucial for the success of this venture for Bharatiya Mahila Bank Ltd. to be able to direct its efforts on expanding its reach and growing its customer base without the distractions of owning and running technology operations."
The Indian government has committed INR10bn ($160m) towards the initial capital of the bank.
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