Bharatiya Mahila Bank contemplates on childcare allowance for women staff




India youngest bank BMB is already firming up plans to attract and retain the best women talent.

In a first of its kind human resource initiative in the public sector banking space, the Bharatiya Mahila Bank is planning to give childcare allowance to its women employees. A similar allowance is already there for Central Government employees.

The target group is the women employees in the junior management grade (entry-level officer) and middle management grade (officers of the rank of manager and senior manager).

This allowance amount is over and above the normal salary paid to public sector bank employees. This allowance of Rs 500 a month or Rs 6,000 a year per child till the age of 12 years, subject to a maximum of two children, is an attempt to achieve a more gender sensitive HR policy.

The childcare allowance has to be approved by the  eight-member all-women board of BMB.

Readers might remember that BMB, which has been set up exclusively to meet the financial needs of women, began its operations last month. So far, the bank has recruited 105 entry level officers. Of these, almost two-thirds are women.

To man operations at the head office and also to head branches, BMB has taken about 95 officers on deputation one grade higher than their current grade from other public sector banks.

BMB in the first phase kicked off its operations with seven branches i.e 1 each in Mumbai, Chennai, Kolkata, Guwahati, Bangalore, Ahmedabad and Lucknow.

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