What is the full form of BMB?
The BMB full form is Bharatiya Mahila Bank. BMB was a Mumbai-based Indian investment bank. Former Indian Prime Minister Manmohan Singh introduced the system on the 96th birthday of former Indian Prime Minister Indira Gandhi on November 19, 2013. The bank merged with SBI on April 1, 2017, as part of the Modi government’s banking sector reforms aiming to increase women’s access to financial services.
The bank accepted deposits from everyone, despite being run by women and lending only to women. India was the third country, after Pakistan and Tanzania, to develop a bank devoted only to supporting women.
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The main goal of BMB
The bank focused financing for the development of capabilities that support economic activity. In addition, the goods were designed to provide women with a little discount on loan interest rates.
According to Usha Ananthasubramanian (CMD), the bank also planned to empower people with business activities and, in conjunction with non-governmental organizations (NGOs), intended to locally organize females to educate them in professions such as toy manufacturing, tractor riding, and phone repair.
The promotion of financial assets among female consumers was a top priority for the bank. According to research, women with assets are less likely to experience severe domestic abuse.
