Bhartiya Mahila Bank the women oriented bank of the country is planning to come up with a new initiative to enhance the women entrepreneurship. The bank has decided to provide the loan up to 1 crore without any collateral. This initiative will be covered the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).
It has been reported that women often face problem in availing loan when collateral is required since the property is mostly in the name of their husband or father. To help out the women from this problem the bank has decided to take this measure. Bank is already providing its women customers with facilities like kitchen loan, loan to establish beauty centers. This CGTMSE scheme will offer security cover for up to 80% of the loan.
Bank is planning to expand its network further, at present bank is having 9 branches. Further bank will hire 300 new employees soon.