5 most fascinating phonesOctober 23, 2013
39 Insightful Publications
BMB full form in english is Bharatiya Mahila Bank, whereas its full form in hindi is भारतीय महिला बैंक.It is India’s first women-centric bank, inaugurated by former prime minister Mr.Manmohan Singh as a functioning subsidiary to the State Bank of India (SBI) in 2013.
The first of the seven planned BMB branches opened in Mumbai on November 19, 2013, which also happened to be the 96th birth anniversary of late Smt. Indira Gandhi.
The bank had eight distinguished women on its initial board and was commissioned to conduct business only for women. Shortly thereafter, it opened up deposits for everyone; however, loans and schemes continued to be secured largely for women. In April 2017, BMB merged wholly with SBI at the behest of the Modi government.
It was the Indian IT firm, Wipro, that in association with FIS Global of the US provided BMB with IT framework during its initiation phase.
BMB was formed with the following objectives:
In the three years following its establishment, BMB accomplished:
The bank offered the following products and services:
Despite being hailed as the flagbearer women-centric banking in India, BMB could not deliver what it set out for. It had to be merged with SBI in less than four years of its establishment. The standout reasons for BMB downfall were:
BMB merged with SBI on April 1, 2017. The major premises for the merger were said to be SBI’s wide network and low cost of funds. It was believed that women-centric products could get a greater boost by leveraging SBI’s large workforce, last-mile coverage, and deep operational roots. The merger brought under the SBI umbrella a total of 103 BMB branches and business capital worth Rs. 1,600 crores.
Even though BMB failed to take off in the strictest sense, it left behind a model that found ctakers, especially in the insurance sector. Taking queue from BMB and its all-women employee and consumer model, insurance behemoths like Bajaj Allianz General Insurance and Reliance Life launched branches run and managed only by women.It was soon replicated across the sector as more companies joined in.
As of 2021, as many as six women headed major insurance companies in India, with a significant jump recorded in the number of overall women employees in key positions.
Q) When was BMB launched?
A) BMB was launched in 2013 as a wholly owned subsidiary of SBI.
Q) When did BMB merge into SBI?
A) BMB merged into SBI on April 1,2017.
Q) Where was the first branch of BMB opened?
A)The first BMB branch opened in Mumbai on November 19, 2013.
Q) Who inaugurated the first BMB branch?
A) The first BMB branch was inaugurated by former prime minister Mr.Manmohan Singh.
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