RBI has allotted the Indian Financial System Code in short denoted as IFSC codes to all the bank branches in India. IFSC codes are unique 11-digit codes with alphanumeric characters.
These codes help the users to ensure that the transferred funds go to the right person account, without any errors.
For example, we can take the IFSC code: “BMBL0009001” - of Bharatiya Mahila Bank, Air India Premises, Mumbai, Maharashtra.
- Here, the first four alphabets, BMBL, indicate the bank name, i.e., Bharatiya Mahila Bank.
- The fifth digit is 0 (zero) - provided for future use.
- The last six digits 0009001 - denotes a particular branch at Air India Premises, Mumbai, Maharashtra.
This IFSC code can be used for online money transactions via NEFT, RTGS and IMPS to any Bharatiya Mahila Bank account or to other bank accounts. According to RBI guidelines, the IFSC code is mandatory for interbank transfers via NEFT and RTGS to any bank in India. This code helps to avoid the risk factor while sending and receiving funds through banks in our country.
Easy way to find Bharatiya Mahila Bank IFSC Code and MICR Code?
The customer can find MICR codes and IFSC codes which are printed on passbook and cheque books/ leaves issued by Bharatiya Mahila Bank (BMB). The website of Reserve Bank of India also offers the entire list of IFSC codes required for the account holder. The customers can also enter into the bank’s official website. Customers by clicking the link will lead to another page where four columns are displayed. Customers must feed some bank details like the state in which it is located, the district in which it is located and branch name to get IFSC code or MICR code.
Bharatiya Mahila Bank Limited Branch Details
About Bharatiya Mahila Bank (BMB)
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Bharatiya Mahila Bank (BMB) was opened on 19 November 2013. It was a fully owned subsidiary of State Bank of India based in Mumbai, Maharashtra, India. The speciality of this bank was operated by women and lending exclusively to women who only can open an account. After Pakistan and Tanzania, India was the third country to have a bank to benefit women. The bank was inaugurated by former Indian Prime Minister Manmohan Singh on 96th birth anniversary of former Indian Prime Minister Indira Gandhi on 19 November 2013.
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In India, 26% of women and 46% of men have accounts in banks. After initiating Pradhan Mantri Jan Dhan Yojana, the accounts of women jumped to 60%. According to a World Bank study, the number of account holders increased by opening an account in a bank, credit union, co-operative, post office or micro finance institution. So, the objective of opening Bharatiya Mahila Bank is to give financial assistance to women and increase the number of women customers.
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The bank emphasizes funding for skills developments to help in economic activity. The bank products are designed to suit women and to give a slight concession on loan rates. It also aimed to inspire people with entrepreneurial skills and also planned to mobilize women in vocational training such as toy-making, driving tractors, mobile repairing and so on.
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The initial capital of this bank is Rs.1,000 crores. The government planned to have 25 branches by the end of March 2014 and 500 branches by the next four operations i.e. within 2017. But, as on the day of merger, this bank had only 103 branches operated in most of the states. It had a capital of Rs.1,600 crores.
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On 20 March 2017, as part of banking reforms, the Government of India took necessary steps to merge Bharatiya Mahila Bank with its parent bank ‘State Bank of India’ with effect from 1 April 2017. This was done to ensure greater banking outreach to women.
Address :
Bharatiya Mahila Bank,
Air India Building, Air India Premises,
Mumbai – 400 021,
Maharashtra, India.
For further details contact: 022-22022603.