Women oriented bank of the country now involved in Second schedule Act to RBI
By Joseph Samson
May 28, 2014
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The Apex bank of the country RBI has included the recent established women oriented bank of the country – Bhartiya Mahila Bank in the second schedule ACT to the RBI. Last week in a notification RBI declared that BMB has been included in second schedule ACT to the RBI.

The inclusion of the bank in the ACT makes the BMB eligible for getting any loans from RBI and has also got the membership of clearing houses. It also provides that any activity of the bank would not adversely affect the interests of depositors.

The Main purpose of the ban is to promote the banking among the women and enhance the economic development. The current loan portfolio of the bank is about Rs80-90 crore. It provides loan to girl child at a concessional rate which is 1% lower than the normal rates.

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