BMB Full Form: Know All About BMB Here!
By BYJU'S Exam Prep
Updated on: September 25th, 2023
BMB Full Form: Many people ask what is the full form of BMB when studying for banking examinations. The BMB full form is Bharatiya Mahila Bank. The Bharatiya Mahila Bank (BMB) is a wholly-owned subsidiary of the State Bank of India, based in Mumbai. On the 96th birthday of former Indian Prime Minister Indira Gandhi, former Indian Prime Minister Manmohan Singh inaugurated the system on November 19, 2013.
On April 1, 2017, the bank amalgamated with the State Bank of India as part of the Modi government’s financial reforms and provided better banking outreach to women.
Table of content
Organizational Structure Of BMB
Usha Ananthasubramanian has been named the inaugural Chairman and Managing Director of the Bharatiya Mahila Bank, the country’s first all-woman bank, by the Centre.
|
Name |
Position |
|
Usha Ananthasubramanian |
MD and CEO |
|
S. M. Swathi |
Executive Director |
Headquarters of BMB
The government chose the historic Air India building at Nariman Point in Mumbai to open the bank’s first branch, even though the bank’s headquarters are in Delhi.
At the opening ceremony in Mumbai, former Prime Minister Manmohan Singh and UPA Chairperson Sonia Gandhi were also in attendance. P Chidambaram, the former Finance Minister, was also present at the event. On the eve of former Prime Minister Indira Gandhi’s birth anniversary, the ceremony was organized.
Products And Functions of BMB
BMB is a universal bank that offers all the services that a public or private bank already provides. It also addresses gender-related issues and produces and sells products tailored to women.
While every bank is required to accomplish these things under its charter, the reality is that they do not because they have other priorities and aims. BMB will solve these concerns, which have been overlooked for years because women are the bank’s priority.
The bank, operated by women and lending primarily to women, allowed deposits from everyone. To promote sustainable and inclusive growth, it has a pan-India presence with 100 branches, focusing on poor, economically neglected, under-banked, discriminated, and unbanked rural and urban women.
BMB Smart-Banking offers additional services such as the ability to open and access recurring and fixed deposits online, in addition to the interest rate reductions offered by Bharatiya Mahila Bank. BMB’s mobile banking application is available on both the Google Play Store and the Apple Store.
It is also one of the pilot banks for the National Payments Corporation of India’s (NPCI) new system of UPI payment. Many skill development and financial education programs are available to emancipate women in the areas of work, income-generating, and various other opportunities for growth. The loan advantage for women with minimal bank costs is one way to achieve this goal.
Vacancies in BMB
All eligible and skilled people are invited to apply online for probationary, clerk, assistant, sweeper, and sub-employee jobs at Bharatiya Mahila Bank. The Bharatiya Mahila Bank’s recruitment officer posts job openings on the bank’s official website every year.
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