It has been reported that Finance minister has asked the women bank – Bhartiya Mahila Bank to recruit the people laterally. Hiring the people laterally means hiring the people from different fields other than banking such as marketing etc.,p> At a press conference Finance minister said that lateral hiring will help the bank to come up with the new and innovative strategies and will also help in development and growth of the bank. However the lateral hiring process is not very common in our country. It has been reported since the establishment of the bank, i.e. within the a period of six month bank is having a workforce of 200 employees, from which more than 100 are hired from the banking background only.
Till March bank is having a total of 23 branches and bank is planning to build up its network further and add 57 more branches by the end of this fiscal year. Mr. Chidambaram wanted BMB to not rely only on branch network to expand presence, but also quickly get on with the business correspondent model to expand reach.