Most
middle-class or lower-middle-class women, not only in villages but also in
metro cities, engage in saving practices. They often keep aside money from
their monthly expenses either at home or entrust it to the owner of a gold
shop. However, storing money at home or with a gold shop owner does not yield
any interest. Although the gold shop owner may offer a slight premium on their
investment when purchasing gold, this is not a substantial benefit. In an
effort to promote financial literacy and empower women, the Government of
India has initiated various schemes for women in india, Bharatiya Mahila Bank one
of the scheme.
What
is Bharatiya Mahila Bank?
Bharatiya Mahila Bank
is a public sector bank, established on November 19, 2013, with the primary
goal to provide women with better access to financial services. It was
inaugurated by the then Prime Minister of India, Dr. Manmohan Singh, on the
occasion of the birth anniversary of Indira Gandhi. Bharatiya Mahila Bank serves banking needs of
women and promoting their economic empowerment.
In April 2017, the Government of India decided to merge Bharatiya Mahila
Bank with the State Bank of India (SBI) as part of its banking sector reforms
to improve operational efficiency and reach.
The merger aimed to ensure better banking services for women by
leveraging SBI's extensive network and resources.
Objectives
Savings
and Investment: To encourage savings and investment
habits among women.
Economic
Empowerment: To promote the economic empowerment of
women by providing them with banking and financial services tailored to their
needs.
Financial
Support: To give the financial support and assistant to women
to start their small businesses.
Entrepreneurship:
To support women entrepreneurs by offering those loans and other financial
products designed to meet their specific requirements.
Services
and Products
Bharatiya
Mahila Bank offered a variety of products and
services that catered to the needs of women, including:
Savings
Accounts: Special savings accounts with features like low
minimum balance requirements and higher interest rates for women.
Current
Accounts: Accounts designed for women entrepreneurs and
businesswomen.
Loans:
Personal
Loans: For various personal needs of women.
Home
Loans: Tailored home loan products for women homebuyers.
Education
Loans: To support higher education for women.
Business Loans: Business loans for women entrepreneurs to start or
expand their businesses.
Financial
Literacy Programs: Programs aimed at increasing financial
literacy among women and educating them about financial products and services.
Following
are the documents require for Bharatiya Mahila Bank Business Loan:
Business
Proof: Business Registration Certificate, Trade License, GST
Registration, Memorandum and Articles of Association (if applicable)
Financial
Statements: Audited
Balance Sheets for the last 2-3 years, Profit and Loss Statements, Bank
Statements of the business for the last 6 months
Project
Report: Detailed
Business Plan or Project Report.
Personal
Details : Aadhaar Card , Voter ID Card, Passport, Driving
License, PAN Card , Utility Bills (Electricity, Water, Gas) , Rental Agreement
etc.,
Photographs:
Recent
Passport-sized photographs
Conclusion
Bharatiya Mahila Bank
was a pioneering initiative aimed at empowering women economically by providing
tailored financial services, ensuring continued support for women’s financial
empowerment across India.
