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Three years after it was formed, the government has approved merger of the Bharatiya Mahila Bank with the country's largest lender SBI to ensure greater banking outreach to women.
The Union Cabinet, chaired by Prime Minister Narendra Modi, had last week cleared the merger of the two banks.
Explaining the rationale behind the merger, the finance ministry said the SBI group already has 126 exclusive all-women branches across the country while the Bharatiya Mahila Bank (BMB) has only seven.
The SBI has a large outreach of more than 20,000 branches and lowest cost of funds in the sector. Of the total workforce of around 2 lakh employees in the SBI, 22 per cent are women.
The BMB, set up in 2013, has 103 branches with its presence in almost all the states. The total business of the bank is about Rs 1,600 crore.
Govt Approves Mahila Bank Merger With SBI For Greater Outreach - News18
The Union Cabinet, chaired by Prime Minister Narendra Modi, had last week cleared the merger of the two banks.
Explaining the rationale behind the merger, the finance ministry said the SBI group already has 126 exclusive all-women branches across the country while the Bharatiya Mahila Bank (BMB) has only seven.
The SBI has a large outreach of more than 20,000 branches and lowest cost of funds in the sector. Of the total workforce of around 2 lakh employees in the SBI, 22 per cent are women.
The BMB, set up in 2013, has 103 branches with its presence in almost all the states. The total business of the bank is about Rs 1,600 crore.
Govt Approves Mahila Bank Merger With SBI For Greater Outreach - News18
