All-women Bank to have 60 branches by Mar 31

Bharatiya Mahila Bank will launch nine more branches by this month end to close the fiscal with a network of 60 outlets, a top official said on Monday.

"The number of branches of the bank will be increased to 60 by the end of this financial year (2014-15)," Bharatiya Mahila Bank (BMB) Chairman and Managing Director Usha Ananthasubramanian told reporters after inaugurating the bank's 51st branch here.

She said, the bank plans to open some more branches next year, but the decision would be taken by the Board.

The deposits of the bank stand at Rs 800 crore (Rs 80 billion) and advances at Rs 400 crore (Rs 40 billion), she said. BMB provides internet banking and very soon it would introduce mobile banking on the Android platform for the benefit of its customers.

She said, the bank's priority is to improve financial literacy among women and it provides loans to women entrepreneurs to set up small businesses in order to become self-reliant.

Launched in 2013, BMB is the first of its kind in the country's banking industry, formed with a vision of economic empowerment for women.