What is the full form of BMB?
The full form of BMB is Bharatiya Mahila Bank. BMB was an Indian investment bank located in Mumbai. On 19 November 2013, former Indian Prime Minister Manmohan Singh launched the system on the 96th anniversary of former Indian PM Indira Gandhi’s birthday. The bank combined with the SBI on 1 April 2017 as part of the Modi government’s banking sector reforms and to enable high banking reach to women.
The bank permitted deposits to flow from anyone while being led by women and borrowing specifically for women. After Pakistan & Tanzania, India was the third nation to have a bank solely to support women.
The main goal of BMB
- The bank stressed financing for the production of abilities to assist economic activity. Also, the items were crafted in a manner that would give women a small concession on loan interest rates.
- As per Usha Ananthasubramanian (CMD), the bank also planned to empower people with business activities and, along with NGOs, intended to locally organise females to educate them in professions such as toy manufacturing or riding tractors, or phone repairs.
- The promotion of financial assets between female customers was one of the bank’s main priorities. Research has shown that women’s possession of assets decreases their risk of serious domestic abuse.