It was turn of Bhubaneswar to welcome BMB into its fold. In the first week of June 2014, the first branch in Odisha was inaugurated in Bhubaneswar. A galaxy of women achievers graced the occasion.
The inauguration was done by Dr.Pratibha Satpathy.
The branch is located at: 778, Maharishi College Road, Sahid Nagar, Bhubaneshwar-751007
The Sahid Nagar layout was planned in the late 60’s as an upscale residential area. Over the decades the face of Sahid Nagar has changed from a residential to a commercial area.
The 19th Branch of BMB was inaugurated in the state of Andhra Pradesh at Ameerpet, Hyderabad.
By the end of this financial year, another 4-5 branches are scheduled to be opened and the tentative locations are Patna, Shillong, Itangar, Gangtok and Agartala.
Tenders are in the process of being finalized for interior furnishings of proposed Itanagar (Arunchal Pradesh), Gangtok (Sikkim) and Shillong Branches.
BMB intends to concentrate on creating a visible brand to attract a large number of women into its fold. Internet banking is not yet enabled.
The Hyderabad Branch is located in the busy area of Ameerpet.
The current target of Bharatiya Mahila Bank is to open branches in all the Indian states by the end of this financial year.
No, as Seemandhra and Telangana have yet to formed, it will have a presence in only Andhra Pradesh.
The target for 2014-15 is to open 55 more branches in Tier 4, Tier-5 and Tier-6 cities in 2014-15.
BMB’s 14th Branch was inaugurated in Jaipur and Goa will have the honors of BMB’s 15th Branch.
In Goa, the Banks CMD said, the bank would take advantage of the existence of Common Civil Code by virtue of which women got equal ownership of immovable and other property along with their spouses.
In other parts of the country, bankers faced this problem while financing as women did not have ownership of houses, immovable properties, she lamented.
The normal refinance rate for NHB funds is 9.10%-9.15%. However as a special case, NHB is planning to offer funds to BMB @ 8.50%-8.75%.
The same has been discussed internally by NHB team, and they are waiting for a formal application from BMB.
The regulator, which normally only refinances home loan portfolios of banks and other housing finance companies, is looking at giving advance to Bharatiya Mahila Bank since the bank is new and does not have a loan portfolio.
Since it is a new bank, it may not have high deposits to start with. Therefore instead of refinancing the preferred mode is Advance.
The National Housing Bank (NHB) is a state owned bank and regulation authority in India, created on July 8, 1988 under section 6 of the National Housing Bank Act (1987).
NHB is making all efforts to popularize Reverse Mortgage. Reverse mortgage is a financial product that enables senior citizens (60 +) who own a house to mortgage their property with a lender and convert part of the home equity into tax-free income without having to sell the house.