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In a first of its kind human resource initiative in the public sector banking space, the Bharatiya Mahila Bank is planning to give childcare allowance to its women employees.
The proposed move is aimed at attracting and retaining talent, especially women employees in the junior management grade (entry-level officer) and middle management grade (officers of the rank of manager and senior manager) in India’s first women’s bank in the public sector.
Allowance amount In the works is an allowance of Rs 500 a month or Rs 6,000 a year per child till the age of 12 years, subject to a maximum of two children.
While the salary offered by BMB is on a par with other public sector banks, it is trying to differentiate itself by adopting a more gender sensitive HR policy, said a senior Finance Ministry official.
If the childcare allowance passes muster with the eight-member all-women board of BMB, then other public sector banks too, are likely to follow suit.
The Delhi-headquartered BMB, which has been set up exclusively to meet the financial needs of women, began its operations last month.
So far, the bank has recruited 105 entry level officers. Of these, almost two-thirds are women.
To man operations at the head office and also to head branches, BMB has taken about 95 officers on deputation one grade higher than their current grade from other public sector banks.
Usha Ananthasubramanian, Chairperson and Managing Director, said her team is sparing no effort to lay the foundations for growth of the bank so that it can play an important part in meeting the financial aspirations of women.
The women’s bank has kicked off its operations with seven branches (Mumbai, Chennai, Kolkata, Guwahati, Bangalore, Ahmedabad and Lucknow).
By March-end, it intends to have 25 branches.
Going by its business plan, the new bank is expected to bolster its physical network to 778 branches and 2,088 ATMs by the end of the seventh year of operations.
It is eyeing a business (deposits plus loans) of Rs 60,000 crore by March-end 2020.
SB interest The Mahila Bank launched its operations last month by offering higher interest on savings bank deposits, thereby becoming the first public sector bank to do so.
While all other public sector banks offer 4 per cent interest, BMB is offering 4.5 per cent on savings bank balances up to Rs 1 lakh and 5 per cent on balances above Rs 1 lakh.
BMB will offer women loans, among others, for education, housing, setting up food and catering business, day-care centres, and small and medium enterprises.
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