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Mahila Bank says no need to raise capital at present

Bharatiya Mahila Bank has said it is well-capitalised and does not require to raise funds at present.

Finance Minister P Chidambaram had recently said the government would offer all financial assistance to the bank if required.

“The year has just started and as of now we don’t need (funds). As we grow, we will certainly raise funds,” the bank’s chairperson and managing director Usha Ananthasubramanian said.

Bharatiya Mahila Bank is the first all-woman bank in the country.

Government has already provided Rs 1,000 crore seed money to the bank, which started operations in November last year.

“If they (Bharatiya Mahila Bank) want (more capital)…I can make promise, both on my behalf and on behalf of my successor,” Chidambaram had recently said.

Ananthasubramanian said the bank has already matched its deposits with advances and so there is no urgent need for funds.

“We have just matched deposits with advances. Our deposit mobilisation so far has been been Rs 87 crore and we have almost Rs 89 crore of advances,” Ananthasubramanian said.

The bank, which has so far 23 branches, plans to open 57 branches by the end of the current financial year, she said .

The branches will be distributed across the country, she said. The bank has opened 17,000 account till date.

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