Odisha gets its first branch of Bharatiya Mahila Bank (BMB) [orissadiary]

Odisha women can now utilize their own ‘gender dominated bank’ with the first Bharatiya Mahila Bank (BMB) of Odisha unveiled in the State capital on Wednesday. The branch was inaugurated by Dr. Prativa Satapathy in the presence of BMB Chairman and Managing Director (MD) Usha Ananthasubramanian and others at Saheed Nagar of Bhubaneswar.

BMB MD Usha Ananthasubramanian this branch is the 18th branch of Bharatiya Mahila Bank (BMB) in the country. She said BMB will start internet banking and mobile banking from the month of June 20124. 

Owing an account is easy here as account opening can be done even on zero balance. In case of women customers, the bank is offering concessional rate of interest as applicable for various loan products. For working women, a special loan product is designed. Also, the bank provides educational loan, beauty parlour loan, loan and general insurance besides normal banking loans like vehicle loan and home loan.

At present, the bank is offering an interest of 5 percent on savings bank account with balance of Rs 1 Lakh and above. For amount less than Rs 1 Lakh, the interest rate is 4.5 percent. The interest for deposits upto Rs 1 crore is 9.15 percent and for deposits above this amount the interest is 9.25 percent.

Significantly, the first BMB branch was inaugurated at Mumbai on November 19 last year marking the birth anniversary of India’s first lady Prime Minister Indira Gandhi. By March 2014, the bank would have total 25 branches. New Delhi, Mumbai, Bengaluru, Chennai, Kolkata, Guwahati, Lucknow, Ahmedabad, Indore, Chandigarh, Dehradun, Raipur, Thiruvananthapuram, Goa and Jaipur branches have already been established. Branches at Patna, Hyderabad and Itanagar will be inaugurated on March 20, 22 and 31 respectively. Bhubaneswar is known to be the fourth BMB branch in Eastern India.