Bharatiya Mahila Bank (BMB), the first set up to cater to the needs of women, will expand its network by adding 55-60 branches in the current financial year.
"Right now we have 23 branches...Expansion plans are about opening 55-60 branches by the end of this fiscal, which will comprise of tier-II and tier-VI cities as well. It will cover about 20 rural, unbanked areas," Chairperson and Managing Director Usha Ananthasubramanian said on the sidelines of an event here.
She said the bank has a pan-India presence, except in the states of Jammu & Kashmir, Arunachal Pradesh, Nagaland and Mizoram. The bank will shortly open a branch in Imphal, the capital of Manipur.
Ananthasubramanian said the branches will be distributed across the country and there won't be any clustering.
The government approved Rs 1,000 crore as seed capital for the public sector bank, which was inaugurated on November 19. One of its objectives is to focus on the banking needs of women and promote economic empowerment.
The bank's current loan portfolio is Rs 80-90 crore. It offers loans for the girl child at a concessional rate that is 1 per cent lower than normal rates.
Asked about the bank's growth target, Ananthasubramanian said it has to be decided by the board.
"That (growth target) will be decided by the board. Then only I would be able to tell you, because the board has to approve that," she added.
