PM Inaugurates Bharatiya Mahila Bank, Sonia Attends Function


Mumbai: The first all-women Bharatiya Mahila Bank, a pioneering initiative to empower women, was launched with a corpus of 1,000 crore to function as a universal bank.

Coinciding with the 96th birthday of late Indira Gandhi, Prime Minister Manmohan Singh inaugurated the first of its seven branches at a function in the presence of UPA Chairperson Sonia Gandhi, coalition leaders Sharad Pawar and Farooq Abdullah, besides Finance Minister P Chidambaram.

Maharashtra Governor K Sankaranarayanan and Chief Minister Prithiviraj Chavan were also present at the launch of the bank which was announced in this year's Budget.

Inaugurating the bank, the Prime Minister emphasised that a lot more was needed to be done to empower women and ensure their safety.

"We have strengthened the law to provide for harsher punishment for sexual offences against women, but much more needs to be done. It is an acknowledged fact that access to finance and banking not only helps to empower women, but also broadens the social base of development," he said.

The bank begins operations with seven branches. It will be a universal bank, but will primarily serve women, taking care of their special needs and requirements.

The number of branches will go up to 25 by March-end. Singh said Mahila Bank was only "a small step" in the direction of empowering women.

Sonia Gandhi, in her speech, recalled the contribution of Indira Gandhi towards poverty alleviation and women empowerment. According to Chidambaram, the board of the Mahila Bank was constituted with the induction of eight women members. This will be the first all-women board of a PSU bank.

Sonia Gandhi said, "We observe the birth anniversary of Indira Gandhi, there have been many events to commemorate this day, but nothing can be a more appropriate tribute to her life and work than the inauguration of Bharatiya Mahila Bank, which aims to provide financial services to women in general and women self-help groups in particular. All through her life Indira Gandhi was guided by a passionate commitment to her country and her people and was fearless in defending their interest."

The Prime Minister said the government is also in the process of amending laws to make them more gender sensitive and to enable them to effectively address issues of persistent gender discrimination.

The government has legislated 30 per cent of seats for women in rural and urban local bodies in as many as 15 states, he said, adding that 50 per cent of seats for women are reserved at grassroots level.

"The setting up of Bharatiya Mahila Bank is a small step towards the economic empowerment for women. It is also a reflection of our deep commitment to this cause," he said.

The government has appointed Usha Ananthasubramanian as the first Chairperson and Managing Director of the Mahila Bank. Other directors of the bank include Chhavi Rajawat, Nupur Mitra, Priya Kumar, Renuka Ramnath and Tanya Dubash. The moto of new bank is 'Empowering Women and Empowering India'.

Also Read:
10 Best Indian Brands That Won Million Hearts
India Is No More the Most Preferred Business Destination

 

Source: PTI