• Written By Sankavi_E
  • Last Modified 29-04-2022

BMB Full Form 

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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. 

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BMB History

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.   

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BMB Objectives

BMB was formed with the following objectives:

  • To facilitate upskilling of women to pursue economic activity.
  • To make financial services more accessible and affordable to women 
  • To promote subsidized women loans.
  • To inspire women for vocational skill development in liasioning with NGOs and their frameworks.  
  • To promote women entrepreneurship and their assets.

BMB Achievements

In the three years following its establishment, BMB accomplished:

  • Loans worth Rs.192 crore exclusively to women borrowers.
  • A business turnover of 1,600 crore.
  • A workforce of two lakh of which 22% were women.
  • Over a hundred dedicated BMB branches across the country.
  • Business activities as the first Indian women-centric bank and the third globally after Pakistan and Tanzania.
  • Operations as an insurance caretaker in association with New India assurance to launch three indegenous policies: BMB Sakhee, BMB-Nirbhaya and BMB-Parivar Suraksha.  
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BMB Products

The bank offered the following products and services: 

  • Personal banking
  • Credit card services
  • Corporate banking
  • Finance and insurance
  • Investment banking
  • Mortgage and loans
  • Private banking
  • Private equity
  • Wealth management

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BMB Downfall 

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 set out with urban focus. Almost all BMB branches were rolled out in urban areas where ready access to banking services was not a challenge.
  • BMB was born with the philosophy of women beneficiaries at its core. That idea was not well-served as rural areas were largely kept out of BMB’s jurisdiction.
  • BMB lacked aggressive policies to edge out the more established institutions that offered women special schemes and benefits. 
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BMB Merger

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.

BMB Impact

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.  

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FAQs on BMB Full

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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