All-women bank plans 39 units in first year

Jul 18 2013, 08:14 IST
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SummaryCountry's first all-women bank, Bharatiya Mahila Bank is eyeing to open a modest 33,400 customer accounts.

The country’s first all-women bank, Bharatiya Mahila Bank is eyeing to open a modest 33,400 customer accounts through 39 branches across the country in its first year. However, it hopes to set up 778 branches with 55 lakh customer accounts over the next seven years.

The bank, which is set to be launched by November this year, is also expected to set up 127 ATMs in the country in the first year of its operations but has pegged the number of financial transactions per day to a mere 3,300 though it is expected to rise to over 27 lakh in the intervening seven years.

The projections are a part of the tender to appoint an IT vendor to implement core banking solutions for the bank.

Accordingly, SBI Caps, the adviser to the government for setting up the bank, has floated a request for proposal inviting bids for implementing the CBS for the Bharatiya Mahila Bank. Interested firms have been asked to apply by July 24 and the technical bids will be opened on August 6.

“We are gearing up to meet the deadline of November 1 for the launch. All systems are being put in place,” said a senior government official. While the RBI has already approved setting up the bank, the finance ministry is also planning to approach the Cabinet for a go-ahead.

To be set up with an initial outlay of Rs 1,000 crore, the bank will open with six branches — one each in the four metro cities, the fifth one in central India and the sixth in the north east. The bank is likely to be headquartered at New Delhi.

A person close to the development said that Usha Ananthasubramanian, executive director, Punjab National Bank is one of the top contenders for the post of chairperson. She was also a part of the committee to suggest a blueprint for the bank.

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