India's first female-run and -managed public sector bank was inaugurated on November 19, 2013 in the presence of the country's bureaucratic and political elite, a date chosen to coincide with the anniversary of Indira Gandhi's birth. The Bharatiya Mahila Bank (BMB) is supposed to exclusively serve women through its focus on livelihood issues, women-run businesses that support self-help groups, and gender-related aspects of empowerment and financial inclusion (though the bank's website indicates that men can also open accounts and take out loans). The government infused it with approximately $170 million.While the institution may have good intentions, the timing of its launch just prior to the recent elections seemed more designed to feather the cap of the former government than to deliver real benefits. Some critiques follow below.
