As on date of merger it had 103 Branches. The government planned to have 25 branches of the said bank by the end of March 2014 and 500 branches by 4th year of operation (2017). The Bank's initial capital consisted of Rs 1,000 crores. Studies have shown that asset ownership amongst women reduces their risk of suffering from domestic violence. One of the other objectives of the bank was to promote asset ownership amongst women customers. The bank also aimed to inspire people with entrepreneurial skills and, in conjunction with NGOs, planned to locally mobilise women to train them in vocations like toy-making or driving tractors or mobile repairs, according to Usha Ananthasubramanian (CMD). Moreover, the products were designed in a manner to give a slight concession on loan rates to women. The bank placed an emphasis on funding for skills developments to help in economic activity. įurthermore, the results of a study using a global dataset covering 350 Microfinance Institutions (MFIs) in 70 countries indicates that more women clients is associated with lower portfolio-at-risk, lower write-offs, and lower credit-loss provisions, ceteris paribus. Also, for women, per capita credit is 80 per cent lower than males. That means an account in either a bank, a credit union, a co-operative, post office or a microfinance institution, according to a study by the World Bank. This has changed after the initiation of Pradhan Manthri Jan Dhan Yojana – accounts of women jumped radically to 60%. In India, only 26% of women have an account with a formal financial institution, compared with 46% of men. India was the third country, after Pakistan and Tanzania, to have a bank exclusively to benefit women. While being run by women, and lending exclusively to women, the bank allowed deposits to flow from everyone. As part of the Modi government's banking reforms and to ensure greater banking outreach to women, the bank merged with State Bank of India on 1 April 2017. Former Indian Prime Minister Manmohan Singh inaugurated the system on 19 November 2013 on the occasion of the 96th birth anniversary of former Indian Prime Minister Indira Gandhi. ![]() 'Indian Women's Bank') was a fully owned subsidiary of State Bank of India based in Mumbai, India.
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