Funding equality

New bank in India committed to women’s empowerment

A bank employee in Mumbai. REUTERS/Punit Paranjpe

There’s a new bank on the block in India, and it’s catering specifically to women. Indian women are chronically underutilizing banking services: only 43 percent of Indian women had a bank account in 2014, compared to 75 percent of women in China and 93 percent in South Korea. Bharatiya Mahila Bank has emerged to help fill in that gap by easing the process of opening accounts and offering loans at discounted rates to women. The bank also provides seminars for women to increase financial literacy. So far the bank is proving successful: since opening its first branch in November of 2013, the bank has opened 80 more branches, amassed 155,000 customers, and given 85,000 women loans. In a country where only 27 percent of the workforce is female, Bharatiya Mahila Bank is lowering the barrier of entry for women hoping to achieve their business goals.

Read the full story at CNN.

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