All Women Bank in India: Feasibility Analysis it will take deposits from both women as well as men. The project aims at checking the feasibility of such a bank in an economy like India.

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All Women Bank in India: Feasibility Analysis Summer Internship Project, Semester IV

27th May – 8th August 2013

Adhiraj Rawat, Mayank Arora, Parul Madaan & Shreya Juneja

B.Tech./B.S. in Innovation with Mathematics and IT

Cluster Innovation Centre, University of Delhi

The Bhartiya Mahila Bank (All Women Bank) was announced in the Union Budget of India for 2013–14 by Finance Minister, P. Chidambaram on 28th February 2013. It came with the objective of lending mostly to women and women-run businesses along with providing support to women Self Help Groups (SHGs). Moreover, it will employ predominately women to addresses the issue of empowerment and financial inclusion of women. However, it will take deposits from both women as well as men. The project aims at checking the feasibility of such a bank in an economy like India. Factors such as, performance of women in the financial sector in India, performance of banks in India, international experience of women banks and whether the objective of such a bank is in line with what is required, were considered. The proposal has been analysed critically in the form of a debate. A survey was conducted to record and analyse women’s views on such a proposal.

8/8/2013

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Table of Contents Certificate ......................................................................................................................................................... 2

Acknowledgement ............................................................................................................................................ 3

1. Literature Survey .......................................................................................................................................... 4

1.1 What is a Bank .............................................................................................................................. 4

1.2 Supervision and Regulation of a bank .......................................................................................... 6

1.3 Management of a Bank ................................................................................................................. 7

1.4 Physical security measures taken by a bank ................................................................................. 8

1.5 Behavior of Non-Performing assets (NPAs) ................................................................................ 11

1.6 Global trends on women employment ....................................................................................... 12

1.7 Women Employment in India ..................................................................................................... 15

1.8 Role of women in banking services ............................................................................................ 16

1.9 Some famous women at work .................................................................................................... 17

1.10 Analysis for better productivity at work: Single sex or Mixed Sex Environment ...................... 19

1.11 All Women Banks in other parts of the World ............................................................................ 20

2. Empirical Analysis ....................................................................................................................................... 26

Sample Characteristics ............................................................................................................................ 26

Sample Analysis ...................................................................................................................................... 27

Limitation ................................................................................................................................................ 33

3. Critical Analysis .......................................................................................................................................... 34

4. Some Interesting Anecdotes ...................................................................................................................... 39

5. Conclusion .................................................................................................................................................. 40

6. Further Proposals ....................................................................................................................................... 42

Appendix 1 ...................................................................................................................................................... 43

Appendix 2 ...................................................................................................................................................... 47

Appendix 3 ...................................................................................................................................................... 50

Appendix 4 ...................................................................................................................................................... 53

Appendix 5 ...................................................................................................................................................... 59

Bibliography .................................................................................................................................................... 63

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Certificate

This is to certify that the report work, submitted by Mayank Arora, Parul Madaan, Shreya Juneja and Adhiraj Rawat in partial fulfillment of the requirement for Bachelor of Technology in Innovation with Mathematics and IT to Cluster Innovation Centre, University of Delhi is carried out by them under my supervision. The matter embodied in this report has not been submitted for the award of any other degree.

Charan Singh

RBI Chair Professor Economics & Social Science Indian Institute of Management Bangalore

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Acknowledgement

We would like to express our heartfelt gratitude to Cluster Innovation Centre for encouraging us to do our summer internship project and for providing us with all requisite resources.

We are extremely thankful to Professor Charan Singh, our mentor, for his constant motivation and guidance throughout the tenure of the project. Without him this project would not have been possible.

This project has been a great learning process for us, which has proved to be of immense help in developing our self-belief and confidence of working as a team. It has also enhanced our personal growth.

Finally, we would like to thank our parents for supporting us morally and financially all time and fulfilling all our requirements.

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1. Literature Survey

1.1 What is a Bank A bank in simple terms is a financial institution where people deposit their money to keep it safe. They form an alternative to keeping money under one’s own roof or with some other person to guard it. In the modern day society, banks have evolved as a trustworthy and safe place for deposit of money. Their requirement by earning individuals has become almost necessary.

Banks perform various important functions useful to its customers. Many of these functions are unique to banks however some may also be performed by institutions that are not truly banks. Functions (or activities) of banks can be classified as Primary (Banking) or Secondary (Non-Banking) functions.

The following are some of the main activities that a bank performs:

1. Accepting Deposits The most important function of commercial banks is to accept deposits from the people and store them. The bank often offers interest on deposits as an incentive for people to deposit their money. Keeping in mind, the needs of various sections of society, banks have mainly 3 kinds of deposits: Savings, Fixed and Current. I. Savings Deposits

• There is a limit on money deposited. • Money can be withdrawn once or twice a week. • Low rate of interest. • Done to mobilize small savings. • Generally done by salaried people and people with fixed and less income.

II. Fixed Deposits

• Money is deposited for a definite period of time (at least more than a year). • Money cannot be withdrawn before stipulated time and this type of deposits are

therefore termed as Time Deposits. • High rate of interest.

III. Current Deposits

• Depositors can withdraw or deposit money whenever they desire and hence it is also called Demand Deposits.

• Either no or very low rate of interest. • Very useful for traders/business firms because they have to make and accept

payments many times in a day. .

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2. Giving Loans Another important function of banks is to advance loans to its customers. Banks charge interest from borrowers and this is one of the main sources of their income. Banks advance loans not only on the basis of the deposits of the public, but they also advance loans on the basis of depositing the money in the accounts of borrowers. In other words, they create loans out of deposits and deposits out of loans. This is called as credit creation by commercial banks.

Banks ask for collateral/security before advancing loans. Generally the value of this collateral is equivalent to the value of loan; this is done so as to recover the loan in case of non-payment of loan by the borrower.

I. Over Draft Facility If there is no balance in the current account, banks can advance loans up to a certain amount. Security is requisite and rate of interest is very high. .

II. Discounting of Bills of Exchange Banks advance loans to the traders and business firms by discounting their bills. In this way, businessmen get loans on the basis of their bills of exchange before the time of their maturity.

3. Investment of Funds Banks invest their excess funds in securities, that of government which includes both, central and state governments, such as treasury bills, national savings certificate etc. and other securities such as securities of state associated bodies like electricity boards, housing boards, debentures of Land Development Banks units of UTI, shares of Regional Rural banks etc.

4. Transfer of Funds The bank allows transfer of funds from one branch to another, from one part of the country to another and from one country to another. With this facility, the customer can transfer funds seamlessly and safely.

5. Collection of Cheques The bank collects the money of the cheques through clearing section of its customers. The bank also collects money of the bills of exchange.

6. Periodic Payments On instructions from the client, the bank can make payments such as bills, rent, etc., even periodically if required.

7. Periodic Collections The bank collects salary, pension, and other periodic collections on behalf of the client.

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8. Portfolio Management The bank debits or credits the account accordingly by undertaking to purchase and sell shares and debentures on behalf of the client.

9. General Utility Functions The bank provides general utility functions such as issuing of drafts for transferring money, issuing of travellers’ cheques, locker facility, underwriting of shares, dealing in foreign exchange (allowed by RBI to do so), preparing project reports on behalf of the clients, undertaking social welfare programs (such as adult literacy programs), etc.

1.2 Supervision and Regulation of a bank Commercial banks are regulated and supervised by the Reserve Bank of India (Central Bank). The Banking Regulation Act, 1949 empowers the Reserve Bank of India to inspect and supervise commercial banks. These powers are exercised through on-site inspection and off site surveillance.

Till 1993, regulatory as well as supervisory functions over commercial banks were performed by the Department of Banking Operations and Development (DBOD). For dedicated and integrated supervision overall credit institutions, i.e., banks, development financial institutions and non-banking financial companies, the Board for Financial Supervision (BFS) was set up in November 1994 under the aegis of the Reserve Bank of India.

For focused attention in the area of supervision over non-banking finance companies, Department of Financial Supervision was further divided in August 1997 into Department of Banking Supervision (DBS) and Department of Non-Banking Supervision (DNBS).

Department of Banking Operations and Development (DBOD) The Department of Banking Operations and Development (as of present) looks after the regulation of commercial banks. It takes care of regulatory functions such as enforcing Anti-Money laundering, approval of proposals for appointment of MD/CEO/Chairman and members of the board of directors, licensing of branches of banks, formulation of banking policies, issuing of guidelines for banks pertaining to payment of interest, interest rates, services charges, etc., collection and dissemination of information regarding defaulters list, etc.

Board for Financial Supervision (BFS) The Board for Financial Supervision takes care of the supervision of financial institutions. This department has two parts: Department of Banking Supervision (DBS) and Department of Non-Banking Supervision (DNBS). These Departments look after supervision over commercial banks & development of financial institutions and non-banking financial companies, respectively.

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BFS is chaired by the Governor of RBI. The chairman is supported by the 4 co-opted directors as members for a 2 year term. There is a Vice chairman of the board who is one of the Deputy Governors of the Bank. The Board meets every month.

The department carries out supervision through On-site inspection and Off-site monitoring.

Onsite inspection of banks is carried out on an annual basis. Besides the head office and controlling offices, certain specified branches are covered under inspection so as to ensure a minimum coverage of advances. The Annual Financial Inspection (AFI) focuses on statutorily mandated areas of solvency, liquidity and operational health of the bank. On the other hand, the primary objective of the off-site surveillance is to monitor the financial health of banks between two on-site inspections, identifying banks which show financial deterioration and would be a source for supervisory concerns. This acts as a trigger for timely remedial action.

1.3 Management of a Bank The given chart depicts the organization amongst the management team of a bank.

Chart 1.3a: Management Structure of UCO Bank

Source: UCO Bank Website (www.ucobank.com)

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• A commercial bank (such as Uco bank, as shown in Chart 1.3a) consists of a Board of Directors headed by the Chairman.

• The Chairman may also be the Managing Director of the organization (In case of ICICI bank, there is a separate Managing Director who is also the CEO of the bank- Ms. Chanda Kochhar currently).

• The Board of Directors also consists of various Executive Directors each handling one or more fields out of HR, Retail Banking, Finance, Risk Management etc.

• Under the ED, there are many Field General Managers and Corporate General Managers.

• Each Corporate General Manager handles one or more zones.

1.4 Physical security measures taken by a bank 1Regarding the Physical security measures taken by any bank or financial institution, there is certain Banking and Financial Institutions (Physical Security Measures) Regulations described in an act under section 72 which are followed. The principal objective of the regulations is to prescribe minimum security measures to be instituted by all banks and financial institutions for the purpose of:

• Preventing acts of robbery and burglary • Assisting in identifying and apprehending persons who commit acts of robbery or

burglary • Preventing injury and loss of lives to staff and customers • Preventing damage or loss of assets, which could result into major losses to individual

institutions, the banking sector and the national economy • Creating security awareness among management and staff in all banks and financial

institutions thereby promoting a security conscious working environment.

1. Minimum requirements in security policy a. Every bank or financial institution shall have a written physical security policy and

procedure manual which shall be submitted to the bank for review and clearance. b. The physical security policy and procedure manual under sub regulation (1) shall at

least address the following: • Security measures for transporting of cash and other valuables • Measures for ensuring the safekeeping of all currency, negotiable instruments,

and other valuable items • Measures for ensuring security of strong rooms/vaults • Procedures for assisting in identification of persons committing acts of robbery

or burglary against the bank or financial institution

1 http://www.bottz.org/BankingSupervision/documents/The%20Banking%20and%20Financial%20Institutions%20(Physical%20Security%20Measur.pdf

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• Procedures for preserving evidence that may aid identification and prosecution of persons committing acts of robbery or burglary against the bank or financial institution; provide for initial and periodic training of management and staff in their responsibilities under the security program for proper employee conduct during and after a robbery or burglary

• Procedures for selecting, testing, operating and maintaining appropriate security devices, as specified in regulation 10

• Criteria and procedures for selecting security company or institution to provide security services to a bank or financial institution should such services be needed

• Provide for need of having security program.

2. Burglary and robbery

The physical security policy and procedure manual shall exhaustively address events of burglary and robbery.

3. Training on security measures Every bank or financial institution shall train its Management and staff on physical security measures and such training shall cover the importance of security measures, including at minimum:

• How the security systems and devices work • What to do in the event of robbery or burglary • How to be a good witness • How to preserve evidence • How to deal with threatening messages and kidnappings • What measures to take in the event of fire outbreak

4. Appointment of security officer

Every bank or financial institution shall appoint or designate a suitable officer who shall be responsible for day-to-day security matters of the bank or financial institution

5. Responsibility of Board of Directors

The Board of Directors of every bank and financial institution shall ensure effective implementation and administration of the security program and other security issues.

6. Minimum security devices Every bank or financial institution shall install and appropriately maintain and operate in all its banking premises, the following security devices:

• A means of protecting cash and other liquid assets, such means may include vault, safe or other secure space

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• A combination lock for all safe and vault or strong room doors, with at least dual control

• Time locks or time delay locks for safe and strong room doors, with special time for opening and closing

• An alarm system or other appropriate device for promptly notifying the nearest responsible law enforcement agency or a contracted security company or institution, of an attempted or perpetrated robbery or burglary

• Intruder Alarm System • Surveillance cameras or any other device for monitoring movements • Panic buttons for all tellers • Bullet proof glass for tellers’ cubicles • A means of controlling unauthorized persons to access various areas in a bank

or financial institution.

7. Maintenance of records a. Every bank or financial institution shall maintain records on implementation,

administration and effectiveness of the security policy, security program and other security issues.

b. The records under sub-regulation (a) shall at least cover the information reflected in the Second Schedule to these Regulations.

8. Reporting to the Bank

Every bank or financial institution, after immediate reporting to law enforcement agencies, shall also report to the Bank, not later than one working day, any incident of robbery and burglary against the bank or financial institution.

9. Strong rooms

Every bank or financial institution shall ensure that its banking halls are built in a manner that limits customer’s visibility and access to cash vaults, safes or strong rooms

10. Attributes of a strong room

Notwithstanding the location or set-up of banks and financial institutions' strong rooms as prescribed under regulation 15, every bank or financial institution shall ensure its strong rooms are built in accordance to the best international construction standards and shall include:

• Fire alarm security system • Intrusion detection Security Systems • 24 hours monitored surveillance cameras (CCTVs) • Secured locks and keys to avoid duplication; and

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• Secured safes and storage equipment, which are rust free, water resistant and fire proof.

1.5 Behavior of Non-Performing assets (NPAs) Table 1.5a: Bank Non-performing Loans as a per cent of Total Number of Loans

Countries 2008 2009 2010 2011 2012 United States 3.0 5.4 4.9 4.1 3.9 United Arab

Emirates 2.3 4.3 5.6 6.2 7.6

India 2.4 2.4 2.5 2.3 3.0 Kazakhstan 5.1 21.2 23.8 30.8 31.7

Ireland 2.6 9.0 8.6 16.1 18.7 Canada 0.8 1.3 1.2 0.8 0.6

South Africa 3.9 5.9 5.8 4.7 4.6 Finland 0.4 0.6 0.6 0.5 0.5 Chile 1.0 2.9 2.7 2.4 2.4 Brazil 3.1 4.2 3.1 3.5 3.6 Russia 3.8 9.5 8.2 6.6 6.7 China 2.4 1.6 1.1 1.0 0.9 Spain 2.8 4.1 4.7 6.0 NA

Australia 1.3 2.0 2.2 2.0 1.9 Source: Global Financial Stability Report, October 2012 by IMF

Table 1.4a shows how percentage of Non-Performing Loans to total number of loans has changed from 2008 to 2012 in the global scenario. This percentage has increased from 2.4 percent in 2008 to 3.0 percent in 2012 for India. In countries like Ireland, Kazakhstan and UAE, there has been a drastic increase in this percentage for the same period. For the data from the year 2012, this percentage has been low in countries like Finland and Canada.

Table 1.5b: Net NPAs as percentage of Net Advances for Scheduled Commercial Banks

Years Net NPA as

percentage of Net Advances

Net NPA as percentage of Total Assets

Gross NPA as percentage of

Gross Advances

Gross NPA as percentage of Total Assets

2000-01 6.2 2.5 11.4 4.9 2001-02 5.5 2.3 10.4 4.6 2002-03 4.0 1.8 8.8 4.1 2003-04 2.8 1.2 7.2 3.3 2004-05 2.0 0.9 5.2 2.5 2005-06 1.2 0.7 3.3 1.8 2006-07 1.0 0.6 2.5 1.5 2007-08 1.0 0.6 2.3 1.3 2008-09 1.1 0.6 2.3 1.3 2009-10 1.1 0.6 2.4 1.4 2010-11 1.0 0.6 2.4 1.4

Source: Report on trend and progress of banking in India 2010-11, 2011-12

Table 1.4b shows the Net NPAs as percentage of Net Advances for Scheduled Commercial Banks in India. There has been a drastic reduction in Net NPA as percentage of Net Advances

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from 6.2 percent to 1.0 percent from 2000-01 to 2010-11. Gross NPA as percentage of Gross Advances shows a similar trend and it has decreased from 11.4 percent to 2.4 percent in the same period. Net NPA and Gross NPA as percentage of Total Assets have reduced from 2.5 percent to 0.6 percent and 4.9 percent to 1.4 percent respectively from 2000-01 to 2010-11.

Table 1.5c: Sector Wise NPA (in billion Rs.)

Sector 2007-08 2008-09 2009-10 2010-11 2011-12 Priority Sector 287 280 356 461 613

Agriculture Sector 97 71 104 167 248 Small Scale Industries 65 77 127 157 195

Others 125 131 126 138 169 Public Sector 3 5.5 5.2 4.3 32

Non-Priority Sector 237 324 390 430 695 Total 527 609 747 891 1308

Source: Report on trend and progress of banking in India 2009-10, 2010-11 and 2011-12

Table 1.4c shows sector wise NPA in the financial years 2007-08 to 2011-12. The total amount of NPA of non-priority sector registered a rise on year-on-year basis, and that of priority sector registered a rise from Rs.287 billion in 2007-08 to Rs.613 billion in 2011-12. Within the priority sector, agriculture sector first saw a decline in total NPA from Rs.97 billion in 2007-08 to Rs. 71 billion in 2008-09 and then rose rapidly to Rs.248 billion in 2011-12. NPA for Small-Scale Industries, similarly, has increased three fold from Rs.65 billion in 2007-08 to Rs.195 billion in 2011-12.

1.6 Global trends on women employment Women Employment has seen an overall positive turnover during the years and especially in the 2000’s. This has happened due to the fact that women have come forward and volunteered to look after their own finances.

Women in the late 19th century have started coming out, demanding education as their right which led to a sharp rise in literacy rate all over the world and hence leading to a bigger women work force. In the developed countries, women hold a good percentage of the workforce. For example in USA, the workforce consists of 49.3 % of women as of 2012.

Table 1.6a: Trend of Global Employment Workforce of Women

Year 2000 2006 2007 2008 2009 2010 2011

Workforce (in million)

1038 1163 1181 1191 1196 1208 1225

Source: Global Employment Trends for Women- International Labour Organisation http://www.ilo.org/wcmsp5/groups/public/---dgreports/---dcomm/documents/publication/wcms_195447.pdf

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Table 1.6b: Workforce of Women in India

Year 1983 1999 2004 2005 2010 Percentage 40 46.5 38.9 38.6 23.4

Table 1.6c: Workforce Distribution of Women in Urban and Rural India

Year 1983 1999 2004 2005 2010

Rural % 45.1 53.1 45.2 44.7 25.2 Urban % 23 22.5 22.5 24.3 17.8

Source: Women’s work participation in labour market in contemporary India http://www.jppc.ro/reviste/JCPP%20Nr.%201%202012/articole/art2.pdf

The data from Table 1.6b and 1.6c does not follow a particular trend and is disrupted by a number of factors. For example, due to liberalization the total percentage of workforce had increased in the 90’s. Recession in 2008 also put many individuals out of jobs. Women in India are still not as big of a workforce as they could have been due to many social problems and backwardness in the country. In some fields, women have enjoyed a good share of the workforce such as the software industry in which women comprise 30% of the workforce.

Women Employment in the United States of America The current overall employment situation for women in the USA is considered to be the best as it has a very percentage of women in the workforce i.e. 49.3% of the total population. According to Bureau of Labor Statistics, in the industries, women made up the following percentages:

Banking and Related Activities – 60.6%

Savings Institutions, Including Credit Unions – 74.7%

Securities, Commodities, Funds, Trusts and Other Financial Investments- 3 8 . 6 %

Insurance Carriers and Related Activities – 59.4%

Financial Managers – 53.5%

Accountants and Auditors – 60.9%

Financial Analysts – 36.8%

Personal Financial Advisors – 31.2%

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Women Employment in the United Kingdom From 1971 to 2011, the women employment rate in UK rose from 56% to 69%. On the other hand, during the same time period the men employment rate fell from 92% to 75%. It has been predicted that by 2014, UK will have more working women than men. According to a study of the finance sector employment from 2003 to 2008, the total employment had been around 1.2 million with women constituting about 50% of this work force. During 2005, the workforce was at its peak with 1.45 million people employed out of which 53 % were women.

Women Employment in Australia According to a comparative study of 1979 and 2004, employment rate of women in Australia increased from 40% to 53%. As of 2004, 4.3 million women and 5.4 million men were employed which clearly signifies that women are no less than men when it comes to earning their own bread.

In the finance and insurance sector, the percentage of the women in of the workforce increased from approx. 4.5% to 5.5 % of the employed women (1979-2004).

Out of the workforce, 34% were employed as professional and associate professional ranks followed by 27% working at intermediate clerical positions.

Women Employment in New Zealand According to The Economist Magazine March Edition 2013, New Zealand has been rated ‘the best developed country where women have the best chance of equal treatment at work’. Australia holds the 5th position.

Women were better qualified than men at all levels of education in 2010.

Table 1.6d: Gender-wise distribution of Qualifications in NZ

Level of

Qualification Women Men

Certificate 40000 30000 Diploma 10000 5000

Undergraduate 15000 9000 Post Graduate 7500 5000

Source: http://www.educationcounts.govt.nz/publications/series/ALL/73669

The labor force participation rate for women stood at 62.6% for March 2012, which represents a 0.3 percentage point increase over the past year and a 1.1 percentage point increase over the past five years which is less than the male labor participation rate, i.e. 75%. The analysis concluded that the most significant change in women employment was in the

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field of business and financial services i.e. increase from 9.5% (1986) to 14.2% (1996) to 16.2% (2012-168300 out of 1039500) of women workforce engaged in these services.

1.7 Women Employment in India In India, 7.3% of the total workforce is engaged in the financial sector, whereas around 6% of the total women workforce is engaged in finance sector activities.

Women have a good hold in India’s banking and financial services sector with many women leading top banks in the country. About 54% of the Women CEO’s belong to the financial sector, shaping the future of the sector in India and inspiring more women to become a part of banking and financial services.

In the public sector women were not many in number, but the first women CEO of a bank was appointed after 31 years of nationalization in 2000 in the form of Ranjana Kumar of Indian Bank.

Now the number of women CEO’s in Public Sector Banks has increased to a good level. There have been many women country heads of foreign banks in India.

Table 1.7a gives a list of women CEO’s in the banking industry in India, women have been more in lower management and clerical ranks. The number of women has been very less in higher management.

Table 1.7a: Banks with Women Heads in previous years

Bank Name CEO, Managing ICICI Bank Chanda Kocchar AXIS Bank Shikha Sharma Indian Bank Ranjana Kumar

Central Bank of India H.A Daruwala Allahabad Bank Shubha Lakshmi

Dena Bank Nupur Mitra Bank of India V.R Iyer

United Bank of India Archana Bhargava HSBC Naina Lal Kidwai UBS Manisha Girotra

Royal Bank of Scotland Meera Sanyal State Bank of Hyderabad Renu Challu

J.P Morgan India Kalpana Morpariya

Refer to Appendix 1 for detailed listing of women constituency in Board of Directors for different bank groups present in India.

Refer to Appendix 2 for detailed listing of female participation in various kinds of banks.

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As per table A1.a, for Public Sector Banks in India, females comprised only 16 out of 283 total board members, that is, only 5.65 percent.

As per table A1.b, for Private Sector Banks in India, females comprised only 9 out of 218 total board members, that is, only 4.13 percent.

As per table A1.c, for foreign sector banks in India, women comprised 63 out of 419, that is, 15.04 percent of total members of the Board of Directors/Regional Management Team.

For those foreign banks which have a Regional Management Team and its composition was accessible, women comprised 8 out of 65, that is, 12.31 percent of total members of the Regional Management Team.

For detailed composition of women in the entire workforce of Banks in India, refer to Appendix 2. The tables show that there is little higher ratio of women in private sector banks compared to public sector banks.

1.8 Role of women in banking services Women are placing themselves in diversified areas, getting themselves out of constructive frame works of housewives and teachers. But now, the situation has changed so far. The growth in the banking sector has created new windows of opportunity for women to find employment in the banking sector. Women are placed at the top most positions of many major banks and they are proving themselves to be competitive. They are involved in taking major decisions; they are introducing innovative ideas and contributing towards the development of the economy.

Not only in the higher levels, there is involvement of women in the banking sector at the clerical levels as well. Secured family life, attractive salary, favorable working conditions and the stability in work are some of the reasons that make this sector more preferable to women. Women, who generally have a clerical working mindset, will be more attentive and keen in doing their work. There is much smaller incidence of being involved in corrupt and fraudulent activities against banks. At the same time, women employees in the banking sector are criticized for their clerical working mindset. They are not much innovative as men. In fact, they are not ambitious as men are and are not ready to undertake heavy risk.

Currently, out of 7 Board of Governors of Federal Reserve Bank, 3 are women. 2According to the 2012 edition of the Central Bank Directory, published by Central Banking Publications, there is a 50% rise in female central bank governors in the world compared with 2011. Belarus, Kyrgyz Republic, Samoa and the Federal Reserve Bank of Kansas City all welcomed new female governors in 2011, taking the number of female governors in the world up to 13. Despite this increase, only 6.3% of all central bank governors are women.

2 http://www.centralbanking.com/central-banking/news/2136248/2011-rise-female-central-bank-governors

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Refer to Appendix 3 for list of ‘Current Women Governors of the Central Banks’ and ‘Women Leaders in Financial and Banking Sector’.

1.9 Some famous women at work Gone are the days when women were considered no match for all powerful men in this world. The male dominated world was always reluctant to even acknowledge the fact that women were as good as men on parameters of hard work, intelligence quotient (IQ) and leadership traits. However, the new generation women across the world have overcome all these wrong notions and have proved themselves beyond doubt in all spheres of life including entrepreneurship. There have been various successful women entrepreneurs over the globe. Success stories of some of them are given below:

1. Indira Nooyi – CFO, Pepsico Born in Chennai, Indra did her Bachelor’s in Science from Madras Christian College in 1974 and a Post Graduate Diploma in Management (MBA) from Indian Institute of Management, Calcutta in 1976. At the beginning of her career, Nooyi held product manager positions at Johnson & Johnson and textile firm Mettur Beardsell. Nooyi joined PepsiCo in 1994 and was named president and CFO in 2001. Nooyi has directed the company's global strategy for more than a decade. She has been conferred with prestigious Padma Bhushan for her business achievements and being an inspiration to India’s corporate leadership.

2. Naina Lal Kidwai – Group General Manager & Country Head, HSBC India Naina has a Bachelor's degree in Economics from Delhi University and an MBA from Harvard Business School. Kidwai was the first Indian woman to graduate from Harvard Business School. She started her career with ANZ Grindlays. Presently, she is serving as a non-executive director on the board of Nestle SA. Kidwai is also global advisor at Harvard Business School. . Indian government conferred Padma Shri award on her for her contributions in the field of Trade and Industry.

3. Kiran Mazumdar Shaw – CMD, Biocon 3Born in Bangalore, Shaw completed her Bachelors in Zoology from Mount Carmel College, Bangalore University. She later did her post-graduation in Malting and Brewing from Ballarat College, Melbourne University. She worked as a trainee brewer in Carlton and United Breweries, Melbourne and as a trainee maltster at Barrett Brothers and Burston, Australia. She started Biocon in 1978 and spearheaded its evolution from an industrial enzymes manufacturing company to a fully integrated bio-pharmaceutical company. Today Biocon under Shaw’s leadership has established itself as a leading player in biomedicine research with a focus on diabetes and oncology. She is also a member of the board of governors of the prestigious Indian School of Business and Indian Institute of Technology Hyderabad. She has received the prestigious Padma Shri (1989) and the Padma Bhushan (2005) from the government of India.

3 http://www.edupa.uva.es/schemesofwork/research/themes/pupil.../strategies.doc

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4. Simone Tata – Chairperson, Trent Limited French by birth and educated in Switzerland, Simone is wife of Naval Homey Jahangir Tata and step mother to Ratan Tata. She is better known as ‘Cosmetic Czarina of India’. She has the distinction of changing a small subsidiary of Tata Oil Mills into the largest cosmetic brand in India – Lakmé that became synonymous with indigenous Indian cosmetics. In 1996 Tata sold off Lakmé to Hindustan Lever Limited (HLL), and created Trent from the money it made through the sale.

5. Zhang Yin – Founder & Director, Nine Dragons Paper Holdings 4Zhang Yin has topped the 2009 Hu Run list of the richest women in China. Her company imports scrap paper from overseas and turns it into cardboard boxes to export Chinese goods. Zhang Yin opened a paper trading company in Hong Kong in 1985. In 1990, she set up a paper exporting Chung Nam in America. Chung Nam became the largest supplier of paper materials in Europe and America. In 1996, Zhang set up the Nine Dragons Paper Holdings in Dongguan. By 2005, the company had become the largest paper maker in China. In 2006, the company was listed on the Hong Kong stock exchange. In 2008, Zhang courted controversy when she opposed parts of China's new Labor Law that enhanced workers' rights.

6. JK Rowling – Novelist 5This single and struggling mother wrote a book that bought a generation of video gamers and TV addicts back to reading books to exercise their imaginations once again. Another rags to riches story, JK Rowling‘s Harry Potter books have become one of the bestselling books of all time, she managed to spawn a major feature film series and a franchise that also incorporates a fully functioning theme park in direct competition with Disney. Her influence not only affects millions of children around the world, but has also drawn many adults into her world.

7. Linda Bennett – Founder, LK Bennett 6LK Bennett is a popular fashion women’s wear chain in the UK currently. This woman started by first training herself at the Hackney’s Cordwainers College and then went on to practice her trade. Initially her trade was restricted to just women’s shoes and then slowly she added bags and clothes to her arsenal. Slowly but surely, her business spread to Ireland and France as well, and spawned several outlet stores and boutiques all across the land. Today, there are 109 stores of this famous woman entrepreneur in different locations in Europe. The business was recently sold to Phoenix Equity Partners for a sum of £70 million. The valuation of this business, which was mostly a brainchild of just one woman entrepreneur, was at £100 million. Just before being sold, the business was netting a profit of around £65 million a year, and even after being sold, Linda Bennett holds a stake of 30% in it.

4 http://www.china.org.cn/china/womensday/2010-03/03/content_19513149.htm 5 http://money.cnn.com/gallery/smallbusiness/2012/09/27/most-powerful-women-entrepreneurs-2012.fortune/index.html 6 http://www.womenentrepreneursuk.com/successful-women-entrepreneurs.htm

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1.10 Analysis for better productivity at work: Single sex or Mixed Sex Environment There have been several studies and research regarding the gender equality and differences at workplaces such as offices and educational institutes. Various researches have shown varying and conflicting results and it is impossible to conclude that which environment would provide better results at work: Single-Sex or Mixed-Sex?

There is a basic gender difference between men and women due to which they behave differently at work. Socially, men and women bond differently. Women are considered to be more trustworthy and less likely to leave a job for a few dollars more. They are considered more responsible with a strong character as besides work, a woman have to bear children, husband and has to manage her family as well. However, Men consider work as a forum for applying their skills, delivering results and beating their competitors.

7A study from the University of Chicago discovered that men are 94 percent more likely than women to apply for a job and thus show much more competitiveness skill. There have been researches which support the fact: Women may be less effective than men in competitive environments, even if they are able to perform similarly in non-competitive environments. As the competitiveness of the environment is increased, there is a significant increase in performance for men, but not for women. The effect is stronger when women have to compete against men than in single-sex competitive environment.

8A study conducted by the Ponemon Institute, an independent research consultancy, on behalf of 3M confirmed a deeply held workplace behalf that women employees work harder. Also, men work less when women are around. The work productivity depends upon the type of workplace. Study revealed that when both the researcher and subject were female, the average time worked was 4 minutes. When both were male, the average time worked was 3.6 minutes. And when there was a female researcher and male subject, the average time worked was 2.8 minutes. Thus, one could finally perceive that Women work harder and longer than men at work, and do not get much distracted.

On the other hand, within mixed sex environments, there are certain issues between both the sexes which normally result in distraction and deviation from the work. The fundamental difference in connecting and communicating leads to lesser concentration at work. A sarcastic remark delivered at work is more hurtful to a woman than it is to a man. Women might take harsh or sarcastic statements uttered by their male colleagues more personally.

9A recent study for the German central bank has also claimed that the presence of women executives was a contributing factor to the bank crash, alongside the bonus culture and lack of

7 http://www.stanford.edu/~niederle/Gender.pdf 8 http://www.ponemon.org/local/upload/file/Visual_Privacy_Productivity_Study.pdf 9 http://www.guardian.co.uk/business/2012/mar/27/women-bankers-prone-to-risk-taking

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sufficient regulation. Women are a disruptive influence on decision making of male boards making them more risk prone.

On the contrary, there have been claims that mixed sex environments are the best suited workplace. Both the sexes feel open, at ease and connected around each other and it becomes easier for them to work whereas single sex environments might lead to boredom and disinterest in the work.

In the education system also, there are similar discrepancies regarding single sex education and co- education. There is a general agreement that single-sex girl’s classes are more pleasant environments than mixed-sex or single-sex boy’s classes. 10According to the study, it was observed that girls in the single-sex classes perceived themselves as receiving higher levels of support from other students than they did in mixed-sex classes. For the single-sex boy’s classes, it was seen that classrooms became increasingly unmanageable. Mixed sex environments are normally preferred as the presence and influence of girls helps in managing boys’ behavior. Also, it helps in glossing over boys’ poor communication skills and does little to develop these through co-operative group work and other strategies.

In general, All-Girl classrooms make quieter and cooperative environment whereas the rowdier, competitive character of the All-Boys classes make the teaching process more difficult. Thus, on the academic front, single girl classes are preferred for much better results.

Thus, conclusion can be done by saying that all women environment are easy to manage, more focused, more co-operative and thus create more productive work. On the other side, single sex men environment might face management issues and communication gap, though they provide better competencies than all women environment. Also, mixed sex workplaces are benefited from the presence and influence of women in managing men’s behavior and communication skills at work but women might act as a medium of distraction for men, decreasing their efficiency and thus the work productivity.

1.11 All Women Banks in other parts of the World 11World’s first ever women’s bank was started in Berlin in 1910. The venture was a drastic step towards empowering women professionals in Germany. Before the introduction of the bank, it had been noticed that other banks in the market did not serve women properly. Also, until then, it was tabooed for a German woman to open a bank account or seek loans without the permission of her husband.

All German women in home or in German colonies could become members of the bank by purchasing a share from 100 marks and upwards. The entrance share was 5 marks and security per share was 200 marks.

10 http://www.edupa.uva.es/schemesofwork/research/themes/pupil.../strategies.doc 11 http://paperspast.natlib.govt.nz/cgi-bin/paperspast?a=d&d=OSWCC19121217.2.32&l=mi&e=--- ----10--1----0--_

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The bank was also considered as a good means to promote camaraderie as it aimed at attracting well off women as depositors and funded the less well-off women, thereby strengthening societal bonds.

The bank was staffed by women and only women customers were admitted. The atmosphere of the bank was charmingly feminine. 12Despite all, the bank collapsed after the break out of the First World War.

Existence of Women’s Bank in all countries of the world – commercial & non-commercial After Intensive research on the Internet, the following results were obtained for all 214 countries of the world. These countries have been listed and classified according to the official website of The World Bank.

Refer to Appendix 4 for requisite tables.

As of 2013, out of all the 214 countries on this planet, only Ethiopia and Pakistan seem to be having officially running commercial banks. Although certain articles on the internet indicate the presence of one such bank in Germany as well, but there was no mention of this bank on the website of the central bank of Germany. So, we can’t help but consider it as non-existent. Melli Bank in Iran and Babylon bank in Iraq have come up with all-women branches in some parts of their respective countries. These branches operate like any other branch of the banks, except that they have only female employees (except male body guards) and welcome only female customers.

Most countries of the world have non-profit, microfinance organizations that were initiated to financially support and guide women. Countries in Africa and Asia have a large number of institutions under the Women’s World Banking network and seem to be very popular among the women.

There are very few financial institutions, only 3, to support women in the Higher Income Economies.

Upper and lower middle income countries have quite a few women financial organizations. Ethiopia falls under the lower income category and Pakistan is a lower-middle income economy. Both these nations have commercial women’s banks. India is also one of the lower-middle-income economies mentioned in the table. Financially, India, Pakistan and Ethiopia can be considered quite similar, according to the World Bank classification. .

13Women’s World Banking is women based microfinance network with 39 financial organizations in 28 countries of the world. WWB provides loans to women lenders, which could be as low as $100. It is based on donation-funding principles. The WWB network

12 http://www.dw.de/german-women-bank-on-investment/a-571478 13 http://www.swwb.org/about/about-wwb

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includes some of the most celebrated leaders in the industry, representing a global commitment to responsive, sustainable microfinance. WWB has organizations for both rural and urban entrepreneurs and aims at bridging the gap in the society.

Something which is very unique about the bank is that it pays a lot of attention to adolescent girls. The total global population of girls ages 10 to 24 is expected to peak in the next decade. According to market research conducted by WWB, girls as young as 10 years old regularly accumulate money, actively manage it and want a safe place to save it. However, financial institutions are traditionally oriented towards adults as customers and do not see youth as a viable target market.

WWB also conducted its very unique social communications campaign via soap opera, which can be very well used in the case of Indian banks too.

Here are some details and reviews about some of the non-commercial banking institutions mentioned above:

1. SEWA Bank, India A group of self employed women first formed their own organization in 1972 when the Self Employed Women's Association (SEWA) was registered as a trade union in Gujarat, with the main objective of “strengthening its members' bargaining power to improve income, employment and access to social security.” A group of 4000 women contributed Rs. 10 each to start off the bank. In May 1974, the SEWA Bank was registered as a co-operative bank under the dual control of The Reserve Bank of India and The State Government.

14The bank offers various tailor made schemes for Indian women such as:

• Crisis Mitigation Scheme • Housing Finance Scheme • Women Farmers credit scheme • Savings for special events • ‘Sunrise scheme’ for developing women’s business • Sanjeevani Programme

15The bank has also come up with several women empowerment movements and federations.

Apart from common banking services such as current account, savings account, ATM, etc; the bank has also come up with innovative services like:

• Parivartan – for up gradation of slums • Financial and Business counseling

14 http://www.sewa.org/Services_Bank.asp 15 http://www.sewabank.com/

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• Amrut Zarnu – for better communication with illiterate women • Doorstep banking services in rural areas

Although SEWA bank claims its target group as poor-rural women, it has schemes for both urban and rural women. It handles both of them separately and has recently expanded beyond Gujrat.

2. Women’s Bank, Africa 16Women's Bank was founded in May 2007 by Finn Church Aid and a group of influential women who had visited Liberia and were moved by the living conditions of women there. Women's Bank receives donations from corporations and private citizens for improving the entrepreneurship and livelihood of women in developing countries. Donations fund:

• Projects that promote women's economic livelihood, skills and legal rights. • Small loans, vocational training and other activities to encourage entrepreneurship • Other new and innovative pilot projects aimed at promoting women's

entrepreneurship

The administrative and marketing costs of Women's Bank are a maximum of 15% of the profits. It mainly operates in Nepal, Peru, Liberia, Kambodzha, Ethiopia, Uganda.

In Peru, Village banks are formed by groups of approximately 14 women divided into 4-5 cells. Group members provide one another with entrepreneurial and loan management support; if one of the women is unable to make an amortization payment the cell is liable to pay this on her behalf.

Diaconia administers the loan capital within the framework of its own micro-finance programme and charges 3% monthly interest which is used for developing and monitoring the village banks. It can be concluded that the banks work much like cooperative societies in India.

3. Covenant Bank for Women (Tanzania) Ltd. 17It was started with the purpose of providing access to a full range of financial services for its customers, targeting mainly customers with low income comprising of small businesses, small and medium enterprises (SMEs) with special focus and emphasis on women entrepreneurs. It offers some special schemes for children and their education.

Considering that the Finance Minister has announced the opening of commercial women’s bank in India, our aim is to analyse the efficiency and success of those that already exist in the world. And currently, only two seem to exist:

1. Enat Bank (Ethiopia)

16 http://www.naistenpankki.fi/en/index_en.php?id=918 17 http://www.covenantbank.co.tz/

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2. First Women Bank (Pakistan)

Reviews of Women’s commercial banks 1. Enat Bank, Ethiopia

Starting year: 2013 Initiated by: 11 women and 7200 shareholders Main Branch: Addis Ababa It is difficult to comment on Enat Bank as it just started this year in March. Considering the plight of women in Africa, the bank was launched with two branches in Bole and Bambis areas in Addis Ababa. 18Enat Bank is the last bank to be licensed by the National Bank of Ethiopia (NBE) before the ratification of a directive requiring banks under formation to come up with a minimum of 500 million birr paid up capital. The bank, although was initiated by women, for women, technically still can’t be called an All Women Bank as it has only 6 women in the 11-member board. The services offered by the organization seem like any other bank’s and don’t seem to be specially designed for women customers. The bank also offers exclusive advisory services that can help customers start a new business, develop their financial literacy and understand about the bank’s products. The website of the bank is still under construction and no publications of the bank were available to conclude about the bank’s performance.

2. First Women Bank, Pakistan

Starting year: 1989 Envisioned by: Benazir Bhutto Main Branch: Karachi 19The Bank is a public-sector bank and has always looked at its micro-finance borrowers as potential SME and Corporate clients. The Bank’s unique credit policies promote asset ownership for women, by providing financing to business entities: • Where women have 50% shareholding • Where a woman is the Managing Director • Where women employees are 50% or more

There are mixed reviews about Pakistan’s First Women Bank. 20It calls itself the world’s first ever bank to be run by women. 21Though the bank claims that it prioritizes poor

18 http://www.capitalethiopia.com/index.php?option=com_content&view=article&id=2607:enat-bank-premiers-in-style-&catid=35:capital&Itemid=27 19 http://www.fwbl.com.pk/

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women, it has been observed that most branches of the bank are located in Pakistan’s posh localities, thereby failing to reach out to its intended target group. Contrary to the claims that the bank is a mix of development financial institution and social welfare organization, FWB seems like any other commercial bank, with no customized schemes for women. It caters not only to women, but to men as well.

Going by the latest information specified on the website of the bank, 4 out 6 Board of directors are men. This probably indicates that the bank has had problems with hiring an all women board and could be considered as a very valid point against the introduction of a women-for-women bank. Besides this, the bank has incurred losses in the first three months of 2013 because of provisioning against non-performing loans and increasing administrative expenses.

22One of the former Finances officers of the bank feels that the bank offers excellent working environment and upper level management. But she seems a little unsatisfied with the salary being offered to the employees, which is usually lower than other banks. However she is very optimistic about the bank. The financial statement of the bank for the year ended December 2011, shows profit after tax of Pakistani rupees 25.85 crore. FWBL recorded a pre-tax profit of Rs.400 million in 2012. .

Despite all this criticism, many women are gratified by the tasks of the bank. Officials of the bank say that the bank has been extremely helpful to women, who were earlier shy of going to banks with men around. A documentary about the bank depicts women from all walks of life, being assisted in fulfilling their dreams. The bank also provides business development training and financial advice to its customers. The bank has also joined hands with several Youth and women empowerment organizations in Pakistan.

20 First Women Bank -1, https://www.youtube.com/watch?v=e9CMnttZcpY 21 First Women Bank-Why and for whom, Faiz Bilquees, 1991 http://www.pide.org.pk/pdr/index.php/pdr/article/viewFile/1053/1032 22 http://www.glassdoor.com/Reviews/First-Women-Bank-Pakistan-Reviews-EI_IE546822.0,16_IL.17,25_IN192.htm

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2. Empirical Analysis

As a part of this project, a survey was conducted, the objective of which was to check the need for the All Women Bank. For this purpose, a simple and friendly questionnaire was prepared (attached in Appendix 5). Information collected via the survey is kept strictly confidential. Only collective information, after processing has been used to establish conclusions.

Sample Characteristics . 161 women hailing across different economic backgrounds and from different urban establishments of the country were surveyed. Amongst them, 94 percent were holders of a bank account. Occupational Background: The sample was split along six occupational backgrounds, that is, Domestic Worker, Housewife, Student, Non-Bank Professional, Bank Professional and Entrepreneur, comprising 5, 17, 20, 30, 24 and 3 percent of the total sample respectively.

Fig. 2.1 Occupational Background of the sample

Geographical Background: On the geographical front, 70 percent of people surveyed were from New Delhi while 17 percent were from Bangalore and the rest from other cities.

5%

17%

20%

30%

24%

3%Domestic Worker

Housewife

Student

Non-Bank Professional

Bank Professional

Entrepreneur

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Age Group: 40 percent of people surveyed were aged 24 or less, 28 percent between 25 and 34, 17 percent between 35 and 44, 12 percent between 45 and 54 and 2 percent were 55 or above.

Fig. 2.2 Age Group of the sample

Educational Background: Looking at the educational background of the sample, 2 percent never attended school and 6 percent had schooling less than class 10th. 11, 2, 47, 30 and 2 percent of the total sample had highest educational level of matriculate, 12th pass, diploma, graduate, post-graduate and doctorate respectively.

23Sample Analysis Amongst people having a bank account:

• 15 percent were not comfortable with the prevailing banking environment. • For dealing with deposit, cash withdrawal, recurring/fixed deposit, loan applications

and loan/field officers, 5, 6, 8, 16 and 15 percent respectively were uncomfortable with men as counter employees.

• 34 and 36 percent of the sample preferred female counter employees and female managers respectively.

23 The survey results have been analyzed using Matlab® programming. The related code can be found in Appendix 6

40%

28%

17%

12%

2%

0-24

25-34

35-44

45-54

55 Above

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Fig. 2.3 Preference for female counter employees

Fig. 2.4 Preference for female managers

66%

34%

No such preference Prefer women counter employees

64%

36%

No such preference Prefer women managers

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• 88 percent prefer a regular bank with both male and female employees over an all-female branch.

• Only 19 and 22 percent of the total sample prefer female branch and All Women bank respectively over a regular bank.

Fig. 2.5 Preference over regular bank

• According to 76 percent of the customers, a mixed bank is the most efficient one. 14 percent of the sample data were in favor of a bank that would have any staffing but with female counter staff.

19%

22% 59%

Prefer all women branch

Prefer All Women Bank None of the above

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Fig. 2.6 Most efficient bank according to the customer

• Only 9 and 7 percent of the people who are not comfortable with current banking

environment demanded for female counter employees and female managers respectively.

• 94 percent of the people not comfortable with current banking scenario preferred none of the all women institutions, neither an all women branch nor an all women bank.

Amongst the Bank Employees: • 66 percent prefer a mixed bank as their workplace.

7%

76%

14%

3%All Women Bank

Mixed Bank

All Male Bank

Any staffing but female counter staff

Any staffing but female manager

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Fig. 2.7 Preference for workplace by bank professionals

• 83 percent are comfortable in serving the customers irrespective of their gender. • As customers, 95 percent preferred to go to a regular bank. • 77 percent said that the mixed bank is the most efficient. • Only 8 percent were in favor of an All Women Bank.

15%

66%

5%

5%

10%

All womens branch

Mixed gender workplace

All Women Bank

Any staffing but with female

Any staffing but with male manager

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Fig. 2.9 Most Efficient bank according to bank professional

• Amongst the bank professionals who were not comfortable in serving customers irrespective of gender, 71 percent believed that mixed bank would be the most efficient one.

• 79 percent of the bank professionals who preferred going to a mixed bank as customers, do not wish to work in a mixed gender workplace.

Amongst Domestic Workers: • Only 38% have a bank account. • Where 50% of the domestic workers preferred to go to an all women branch;

Requirement of All Women Bank on the basis of age and education:

• 90 percent of the people with age less than 34 years preferred a regular bank over all female branches.

• 29 percent of the people with educational qualification up to class 12th or equivalent preferred an all-female branch over a regular bank.

• Amongst people with higher education, only 8 percent of the people preferred an all- female branch; 92 percent would still prefer to go to a regular bank.

8%

77%

13%

3%All Women Bank

Mixed Bank

All Male Bank

Any staffing but female counte

Any staffing but female manager

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Limitation The survey had a small sample size of 161. Though, this can give a good indication, but this doesn’t reflect the exact picture. Further, this survey was conducted only in the urban areas, leaving out rural areas which have an equally important view to share.

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3. Critical Analysis

The Bhartiya Mahila Bank (All Women Bank) was announced in the Union Budget of India for 2013–14 by Finance Minister, P.Chidambaram on 28th February 2013. It came with the objective of lending mostly to women and women-run businesses. It shall also provide support to women Self Help Groups (SHGs) and their livelihood. Moreover, it will employ predominately women which addresses the issue of empowerment and financial inclusion of women. However, it will take deposits from both men and women.

In response to this announcement, a survey was conducted by the team on a small sample of women, belonging to various professional backgrounds. As per the survey analysis, a large number of women felt that they were satisfied with currently existing, regular banks. Yet, a small but significant number said that they would be more comfortable dealing at an All Women Bank. Keeping in view the results of the survey and the basic proposal by the Finance Minister, the team could jot down certain pros and cons related to the proposal:

Amongst the 214 countries in the world, only Pakistan and Ethiopia have commercial Public Sector Banks for women. Most countries of the world however, have come up with several all-women non-commercial microfinance organizations. Ethiopia’s Enat bank was started only earlier this year and the bank is still in its initial stages. Pakistan’s First Women Bank was started much earlier in 1989, with the same intent as the proposed All Women Bank in India.

Although women banks in Pakistan and Ethiopia have shown great hope, they haven’t been as successful due to lack of proper implementation. For instance, most branches of the First Women Bank are located in Pakistan’s posh localities, thereby failing to reach out to its intended target group. Currently, 4 out of 6 Board of Directors of the bank are male. This no longer makes it an all women bank. Contrary to the claims that the bank is a mix of development financial institution and social welfare organization, First Woman Bank, Pakistan seems like any other commercial bank, with no customized schemes for women. It caters not only to women, but to men as well. For the quarter ending March’13, the bank registered a loss of approx. 3.49 Crore PKR. Not only this, Non-Performing Loans (NPLs) increased by PKR 161.5 million, or 26%. Similarly, the services offered by Enat Bank, Ethiopia seem like any other banks’ and don’t seem to be specially designed for women customers. Considering this, one could say that India should deter from having the All Women Bank and not spend so much on a venture that has already fallen a little flat elsewhere in the world.

But there is a positive side to the story too. Certain reports do claim that Pakistan’s First Women Bank and Ethiopia’s Enat bank have been successful in encouraging their women citizens in participating in financial activities. A former finance officer of Pakistan’s FWB does feel that the bank offers excellent working environment for its employees.

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Considering that Pakistan’s First Women Bank was initiated with the same intention, that is, to empower women, India’s Bhartiya Mahila Bank could be inspired by it. We could learn from its failures and replicate its success stories. Going by a newspaper article published in the Economic Times on 5th July 2013, Finance Minister Chidambaram had said that the public sector bank for women would address issues usually ignored by banks. After all, there is always a scope for improvement.

Looking at the performance of women, they have done a commendable job so far in the financial sector in India. They have been placed at top positions of major banks, though in less numbers, they are proving to be very competitive in the workplace. Major banks have highly qualified and experienced women at administrative levels showing remarkable growth over the years. However, the proportion of women in the banking sector as well as at higher positions in banks is not even close to being at par with men.

ICICI bank, India’s largest private sector bank is a perfect example of this new trend of bringing more women towards the banking sector. Out of the overall 62065 employees at ICICI, 14655 are women. The bank also has women placed at higher levels in the organization. The CEO, Chanda Kochhar herself is a representative of the women work force of the bank. Many other banks have also moved towards the concept of engaging more women at crucial points. This includes Shikha Sharma as the CEO of Axis bank, Renu Sud Karnad as the CEO of HDFC bank, Naina Lal Kidwai as the Country Head of HSBC in India, Meera Sanyal as the Operations Head of Royal Bank of Scotland in India and Manisha Girotra as the Operations Head of Union Bank of Switzerland in India.

In existing commercial banks in India, women comprise only 5.65, 4.13 and 15.04 percent of the total number of board of directors/management team members of public sector, private sector and foreign sector banks respectively. The All Women Bank could prove to be a good idea as a majority women board would ensure that they are more sensitive towards women issues and empowerment of women which would help serving the cause of such a bank.

In a developing country like India, patriarchy and a strict division of labor still dominate the society. Women often suffer the most from poverty because scarce resources are often allocated to the male members of the family, rather than the females. Not surprisingly, a gender gap in business financing does exist. There are certain difficulties such as unavailability of a guarantor for taking a loan, faced by Indian women in order to avail the banking services. For women, with little or no literacy, current banking processes in regular high volume branches seem to be impossible to navigate, as they do not know what to do when they go to a bank. Naina Lal Kidwai, Country Head for HSBC and President of FICCI, believes in the same. She once said that: “It is almost impossible for women to get a loan to set up a service or knowledge company, sectors where they are most likely to start their business in. There is no doubt women are discriminated against in the loan giving process. They have to work harder to establish their credibility as entrepreneurs.”

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The All Women Bank would work for the financial inclusion and empowerment of women in the economy, as proposed by the Finance Minister in Budget speech 2013-14, which is the need of the hour. The All Women Bank can prove to be really beneficial particularly for the women in rural and semi-urban areas; to bolster their status, and to protect them from abuse, than any laws could accomplish.

Currently, there are already various women based non-profit microfinance institutions such as SEWA Bank (Gujarat) that operate in India and are working efficiently for the women's economic, social and political empowerment. These institutions have reached out to many disadvantaged women micro-entrepreneurs and have helped them to build operational and financial self-sufficiency. World’s Women Banking also has a very strong base in India. The Friends of Women’s World Banking (FWWB), an affiliate of the Women’s World Banking, operational from 1982, works to promote the participation of poor women in the economy by building the capacities of promising and committed NGOs and MFIs to play a lead role in providing financial services to the poor women for their socio-economic upliftment. Also, various banks have come up with schemes promoting microfinance for women thereby aiming at financial inclusion of women in India. For instance, Punjab National Bank offers advances up to Rs.10 lakh without collateral and advances over Rs.10 lakh and up to Rs.25 lakh, based on good track record and financial position without collateral being insisted upon.

Although such schemes question what new the All Women Bank would provide to its customers, in this already growing and women-concerned environment. Setting up of the All Women Bank will act as a healthy competition for these existing micro-financing institutions, and thus ultimately improve performances. We live in a country where almost half of women population’s economic potential is not realized and harnessed; surely such a women bank can further serve the gender empowerment cause. Of course, the proposed bank should cater to remote villages if it really wants to achieve its mission to provide women in impoverished areas with an innovative combination of financial and non-financial services that will help improve their standard of living and to increase the quality of life of women by providing capital and financial training services which will lead to rural economic empowerment and financial inclusion.

With financial help, women gain spending power and they are able to educate their children, renovate their residences, or buy modern technologies and medicines. Along with economic power, a woman gains more independence and respect from her husband. Women are able to empower themselves and become self-sufficient through the investments.

Traditionally, women are considered better savers than men; however, according to the Global Findex database released in February 2013, only 26% females have an account in a formal financial institution as opposed to 44% men. The proposed bank plans to set up camps across the country for the purpose of opening new accounts for women. This move can potentially help improve the present scenario. It will also help bring savings from home or those kept with relatives to the rural banking sector.

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With the announcement of the All Women Bank, several commercial banks in India have also started coming up with their all women branches in various parts of the country for the financial inclusion and empowerment of women. Canara Bank, State Bank of India, Central Bank of India, Bank of India, Vijaya Bank, South Indian Bank and Bank of Patiala are some of the banks which have come up with their all women branches in several parts of the country. These branches are predominately managed by women and extend advice as well as personal guidance to women on inculcating saving habits. These workplaces act as a comfort zone for women, where women can bank easily with woman bankers; feel comfortable sharing their concerns without being shy about their ignorance and without feeling intimidated. With this, financial inclusion will expand with a larger portion of the women coming under the fold. Commercial Banks such as Punjab National Bank, ING Vyasa, Canara Bank and Oriental Bank of Commerce, amongst others, are offering certain women centric schemes to promote their women clientele. The set up of such all women bank branches shall ensure a large number of jobs for women.

One major reason to set up all women branches was to allow access to women who are hesitant in visiting male manned branches, the proposed All Women Bank, in fact, falls behind on this front as it plans to recruit male staff as well, not standing true to its title. However, if a mere announcement of the All Women Bank has encouraged existing commercial and non-commercial institutions of the country to come up with such unique women centric schemes, it is needless to say that if the All Women Bank will actually come into existence, these institutions will completely stop ignoring a very vital 50% of India’s population, out of competition or otherwise. This will eventually lead to their financial inclusion and not push them away from the mainstream.

Previous attempts at focused banking like Rural Regional Banks, when initiated in 1970s, had begun with a clear motive to exclusively cater to rural banking. But over time, the authorities had to make efforts to ensure commercial viability of RRBs. Going by this analogy, it might be asked if All Women Bank can successfully ensure financial inclusion of women unless we address the core issue of commercial viability.

A huge barrier to access of women to the financial services remains to be lack of education especially financial literacy. Needing a male family member’s permission can inadvertently restrict women’s access to a financial account. When already one member of the house has a bank account, usually the male member, the need for another bank account is not realized in many situations. The ability of the All Women Bank to find solutions to such problems is highly questionable and often this may lead one to ponder whether spending such capital on the education of women in India could prove more effective than setting up the All Women Bank.

Also, there is a need to strengthen the existing policies and come up with more women centric schemes for funding. There is certainly a case for more programs and schemes that include women in banking via deposits and loans. The existing branches of banks, especially rural ones can have guidelines or even annual targets on women’s banking operations. There is also a case

38

to run financial literacy campaigns, have account opening camps and of course financial literacy support in the rural and remote areas. A major step should be to increase the number of female banking correspondents and providing training and support to and via them. Even a simple thing such as a Mahila Sahayak – a female helpdesk at every branch would help to make banks more inclusive and open for women.

The fact that there is a very thin line between the proposed All Women Bank and commercial banks with all women branches sets back the proposed bank to answer how is it novel in its methodology and what sets it apart from existing banks. One cannot also ignore that initiating a new bank from scratch would involve a lot of national wealth. It may also be argued that setting up such a separate entity could exclude women from the current system instead of its aim of focusing on financial inclusion of women. Using the capital to set up a large number of all women branches for a state owned bank like State Bank of India or providing women specific schemes through Post Office Banks which have a wide network across the country could be good alternatives. However the positives that the All Women Bank will bring, too, can’t be easily ignored. They still remain an extremely innovative mechanism to bring women financial power. Hence, if planned smartly and implemented thoughtfully, overcoming many of the expected shortcomings mentioned above, the All Women Bank can be just the required change to bring women the financial access, financial power and financial independence that they deserve.

39

4. Some Interesting Anecdotes

While conducting the survey, the team came across several women who had interesting views to tell, regarding the All Women Bank. Some of them are listed below, for the readers to ponder upon:

1. A woman working as a cleaner in one of the popular universities of Delhi, when asked whether she would prefer an All Women Bank, spontaneously replied, “One needs either money or collateral to be able to visit a bank. I have neither. How does it matter to me whether the bank is all women’s, all men’s or mixed?”

2. It is surprising that while many Indians believe that women in metro cities are getting

bolder by the day and are giving up inhibitions, the team came across several women who wanted unique women-only institutions. Many felt that there are certain articles which they would prefer buying in the absence of men and hence demanded all women ‘shopping malls’. Some wanted all women police stations, transport systems, hospitals and even all-women bars!

3. A bank professional mentioned that there is a bias towards men in the loan application process. She said there was a company law that didn't allow unmarried women to take joint loans with her parents.

4. A woman entrepreneur stated that women make for strong managers. They have a forte on that front as they learn to handle house and office duties together and successfully.

5. A woman mentioned that for her an All Women Bank would be no better than a normal bank as a workplace unless it plans to offer women employee friendly schemes like an attached crèche.

6. Many women stated their reason for preferring mixed bank over an All Women Bank as they feel that women and men think differently and only an amalgamation of these thoughts could be best for the growth of the banks.

7. A woman mentioned that women dominate hospitality industries; therefore they also make for great counter staff. According to her, women are more subtle than men, friendlier and inviting.

8. A woman bank employee said that she does not feel comfortable with male customers. According to her, they deliberately come around to pester her and her other female colleagues, even when they could get the same job done by male employees of the bank.

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5. Conclusion

Considering the current plight of women in India, the All Women Bank could prove to be a great initiative in upgrading their status. Several Indian women have managed to prove their worth in the financial sector and this bank will undoubtedly help bringing more such talent into the arena. Although the concept of the bank is not new to the world, there can always be a scope for improvement. There is hope that All Women Bank in India, through its CSR activities, will be far more sensitive towards its women customers and offer women friendly environment. If this is the case then India should not shy away from initiating such a venture.

However, one cannot ignore the huge amount of national wealth and energy, which will go into setting up such a bank. Also, when so many commercial banks in India are coming up with their own women-centric schemes and all women branches, the proposal poses a major question on the uniqueness of the bank. With prevalent illiteracy amongst the women folk of the nation, it is not clear whether such institutions could prove beneficial for them or not. Commercial viability of the bank is also questionable.

As per the results of the survey, majority of women feel comfortable with the current banking systems. Yet, a small but significant number of women feel that they would prefer to access banks with mainly women around them. The voice of these women should not go unheard. Therefore, India may start with its own All Women Bank. The bank can act as a transition phase but the country need not come up with thousands of branches to test the success of the initiative. Only a few branches, in the initial stages, will themselves, give us an idea whether the All Women Bank is here to stay or not.

The team had a meeting with the CEO of the Bhartiya Mahila Bank, Mrs. Usha Ananthasubramanian, on September 3, 2013. The project and survey analysis were discussed with her.

She told the team about some of the innovative women schemes that the bank is planning to offer. She also told about how the Indian bank would be better than its Pakistani counterpart in terms of being a 'Pan-India' bank and would be having branches all across the country. She said that as per norms, the bank will have to locate 25% of its branches in rural un-banked parts of India. Being completely under the GOI, it would be preferred more than the All women Branches of private banks. But she said that despite all its women-friendly endeavours, the bank will ensure that its commercial viability is not questioned, because at the end of the day, it has to sustain in the market.

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6. Further Proposals

The theme, which concerns such an important aspect of the Indian society, definitely involves a lot of scope. Listed are some of the possible future proposals related to the project:

1. Research on challenges faced by women customers, particularly women entrepreneurs in dealing at regular banks. The All Women Bank should try and overcome these challenges, in order to prove its true worth.

2. Discussion on the immediate objectives of the All Women Bank along with possible long term goals.

3. Compilation of products/perks that the All Women Bank should offer to its women customers, in order to remain true to its initialization aim, along with strategic placement of its branches. This shall involve coming up with innovative schemes that target woman-owned SMEs, while addressing the need to have greater visibility in the market.

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Appendix 1

Table A1.a: Gender wise composition of Board of Directors of Public Sector Banks in India

Bank Name BOD Strength Females Males

Allahabad Bank 13 1 12 Andhra Bank 12 0 12 Bank of Baroda 12 0 12 Bank of India 12 1 11 Bank of Maharashtra 10 1 9 Canara Bank 11 2 9 Central Bank of India 10 0 10 Corporation Bank 9 1 8 Dena Bank 11 0 11 IDBI Bank 8 0 8 Indian Bank 11 0 11 Indian Overseas Bank 9 0 9 Oriental Bank of Commerce 13 2 11 Punjab National bank 12 1 11 Punjab and Sind Bank 7 1 6 Syndicate Bank 13 1 12 UCO Bank 9 0 9 Union Bank of India 12 1 11 United Bank of India 12 1 11 Vijaya Bank 11 2 9 State Bank of India 16 0 16 State Bank of Bikaner and Jaipur 12 1 11 State Bank of Hyderabad 9 0 9 State Bank of Mysore 10 0 10 State Bank of Patiala 9 0 9 State Bank of Travancore 10 0 10

Total 283 16 267 Sources: Respective website of each bank. For links, refer to Bibliography

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Table A1.b: Gender wise composition of Board of Directors of Private Sector Banks in India

Bank Name BOD Strength Females Males Capital Local Area Bank Data not available - - Axis Bank 13 2 11 HDFC Bank 13 2 11 ING Vysya Bank 11 0 11 ICICI Bank 12 2 10 Federal Bank 9 0 9 City Union Bank 10 0 10 Coastal Area Bank 5 0 5 Development Credit Bank 13 0 13 IndusInd Bank 10 1 9 Karnataka Bank 11 0 11 Kotak Mahindra Bank 9 0 9 Krishna Bhima Samruddhi Local Area Bank 7 0 7

Tamilnad Mercantile Bank 11 0 11 Catholic Syrian Bank 13 1 12 Dhanlaxmi Bank 5 0 5 Jammu and Kashmir Bank 8 0 8 Kaarur Vysya Bank 10 0 10 Lakshmi Vilas Bank 13 0 13 Nainital Bank 8 0 8 Ratnakar Bank 11 0 11 South Indian Bank 9 0 9 Yes Bank 7 1 6

Total 218 9 209 State Bank of India Commercial and International Bank and Bank of Rajasthan no longer exist as they have been merged

with SBI and ICICI Bank respectively.

Sources: Respective website of each bank. For links, refer to Bibliography

45

Table A1.c: Gender wise composition of Board of Directors/Regional Management Team of Foreign Banks in India

Foreign Banks BOD Strength Females Males BOD/Management Team

(Region Specific) AB Bank Limited 14 1 13 BOD Abu Dhabi Commercial Bank Limited 11 1 10 BOD American Express Banking Corporation 13 3 10 BOD

Antwerp Diamond Bank N.V. 7 0 7 BOD Australia & New Zealand Banking Group Limited 9 2 7 BOD

Bank International Indonesia Bank not

yet present in India

- - -

Bank of America NA 13 4 9 BOD Bank of Bahrain and Kuwait B.S.C. 12 1 11 BOD Bank of Ceylon 6 1 5 BOD Barclays Bank PLC 10 2 8 Management Team BNP Paribas 16 6 10 BOD Chinatrust Commercial Bank 8 0 8 BOD Citibank N.A. 7 1 6 Management Team Commonwealth Bank of Australia 6 0 6 Management Team Credit Agricole Corporate & Investment Bank 18 1 17 BOD

Credit Suisse AG 13 2 11 BOD DBS Bank Ltd. 10 0 10 Management Team Deutsche Bank AG 7 0 7 BOD FirstRand Bank Ltd. 4 0 4 Management Team Industrial & Commercial Bank of China Limited 16 3 13 BOD

JPMorgan Chase Bank 11 2 9 BOD JSC VTB Bank 3 1 2 Management Team Krung Thai Bank Public Company Ltd. 12 2 10 BOD Mashreqbank psc 4 0 4 Management Team MIZUHO Corporate Bank Ltd. 5 0 5 BOD National Australia Bank Ltd. 12 2 10 BOD Oman International Bank S.A.O.G. 7 1 6 BOD Rabobank International 9 3 6 BOD Sberbank 14 2 12 BOD Shinhan Bank 10 0 10 BOD Societe Generale 16 6 10 BOD Sonali Bank Ltd. 12 1 11 BOD Standard Chartered Bank 12 1 11 Management Team State Bank of Mauritius Ltd. 11 1 10 BOD The Bank of Nova Scotia 14 3 11 BOD

46

The Bank of Tokyo-Mitsubishi UFJ, Ltd. 16 0 16 BOD

The Hongkong and Shanghai Banking Corpn.Ltd. 9 3 6 BOD (for India)/Management

Team Royal Bank of Scotland 12 4 8 BOD UBS AG 12 3 9 BOD United Overseas Bank Ltd. 10 0 10 BOD Woori Bank 8 0 8 BOD

Total 419 63 356 For Foreign Banks, wherever data for regional Management Team was available, it was taken, else the data for their Board

of directors was considered.

Sources: Respective website of each bank. For links, refer to Bibliography

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Appendix 2 Table A2.a: Employees in Public Sector Banks – 2012

BANK NAME WOMEN EMPLOYEES TOTAL EMPLOYEES Allahabad Bank 3314 22334 Andhra Bank N/A 15099 Bank of Baroda N/A 42175 Bank of India N/A 41416 Bank of Maharashtra 3353 13804 Canara Bank 10256 43397 Central Bank of India N/A 34015 Corporation Bank N/A 14803 Dena Bank 2164 10202 Indian Bank 4317 18793 Indian Overseas Bank 6196 27201 Oriental Bank of Commerce N/A 18371 United Bank of India N/A 15062 Punjab National Bank 9940 62127 Punjab Sind Bank 1097 8041 Syndicate Bank N/A 26904 UCO Bank 3333 23259 Union Bank of India N/A 30038 Vijaya Bank 2674 11838

State Bank of Bikaner and Jaipur 1314 12866 State Bank of Hyderabad 2266 13597

State Bank of Indore N/A N/A State Bank of Mysore 2821 10249

State Bank of Patiala N/A 12559 State Bank of Travencore 4759 12597

IDBI N/A 15435 N/A- Data not available

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Table A2.b: Employees in Private Sector Banks – 2012

BANK NAME WOMEN EMPLOYEES TOTAL EMPLOYEES City Union Bank N/A 2836 ING Vyasa Bank N/A 6500 Tamilnad Mercentile Bank N/A 2531 The Bank of Rajasthan N/A 3983 The Catholic Syrian Bank N/A 2729 The Federal Bank 2741 8745 The Jammu and Kashmir Bank N/A 7938 The Dhanlakshmi Bank N/A 3468 The Karnataka Bank N/A 6087 The Kapur Vyasa Bank N/A 5673 The Lakshmi Vilas Bank N/A 3054 Naintal Bank N/A 851 The Ratnakar Bank N/A 1400 The South Indian Bank 2084 5879 Axis Bank 6664 31738 Development Credit Bank N/A 2174 HDFC Bank 12295 69065 ICICI Bank 14655 62065 Indusind Bank N/A 9370 Kotak Mahindra Bank 2400 12000 YES Bank 974 5375

N/A- data not available

Table A2.c: Foreign Banks in India- 2012

BANK NAME TOTAL EMPLOYEES Standard Charted 7813 HSBC India 6373 Citibank India 5327 RBS India 2165 Deutsche Bank 1453 Barclays Bank 978 American Express 971 DBS Bank 620 BNP Paribas 335 Bank of America 323 Bank of Tokyo Mitsubishi 223 JP Morgan Chase Bank 221 Bank of Nova Scotia 194 Mizuho Corporate Bank 153

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Credit Agricole Corporate and Investment Bank

109

Societe General 86 Shinhan Bank 73 UBS AG 53

Table A2.d: Female participation in various bank groups

Bank Group Total Officers

Total Clerks

Total Subordinates

Total Officers

Female Officers

Female Clerks

Female Subordinates

Total Females

Percentage (%)

SBI and Associates

113222 131903 55503 300628 13574 38708 5082 57544 19.14

Nationalised Banks

197739 181634 95687 475060 24618 43056 11085 78759 16.57

Foreign Banks 22207 1543 490 24240 6927 751 25 7703 31.77 Regional Rural 29869 31811 18206 79886 1004 2688 789 4481 5.61 Private Sector Banks

107107 55630 8334 171071 21655 15796 846 38297 22.38

All Banks 470144 402521 178220 1050885 67958 100999 17827 186784 17.77 Source: Statistical Returns, RBI, http://rbidocs.rbi.org.in/rdocs/Publications/PDFs/0BSR010612FL.pdf

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Appendix 3 Table A3.a: Current Women Governors of the Central Banks

Country Central Bank Governor/President/Chairman Argentina Central Bank of Argentina Mercedes Marcó del Pont

Appointment Year: 2010 Aruba Central Bank of Aruba Jeanette R. Semeleer

Bahamas Central Bank of the Bahamas

Wendy Craigg Appointment Year: 2005

Belarus National Bank of the Rep. of Belarus

Nadezhda Ermakova Appointment Year: 2011

Botswana Bank of Botswana Linah Mohohlo Appointment Year: 1999

EL Salvador Central Reserve Bank of El Salvador. Martha Evelyn Rivera Appointment Year: 2013

Honduras Central Bank of Honduras Maria Elena Mondragon

Kyrgyzstan National Bank of the Kyrgyz Rep. Asankojoeva Zina Appointment Year: 2011

Malaysia Central Bank of Malaysia Zeti Akhtar Aziz Appointment Year: 2000

Samoa Central Bank of Samoa

Atalina Ainuu Enari Appointment Year: 2011

South Africa South African Reserve Bank Gill Marcus Appointment Year: 2009

Venezuela Central Bank of Venezuela

Edmee Betancourt Appointment Year: 2013

Russia Central bank of Russia *Elvira Nabiullina Appointment Year: June 2013

* will take office on the 24th of June 2013.

Source: http://www.cardreport.com/international/central-banks.html

http://www.centralbanknews.info/p/central-bank-governors.html

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Table A3.b: Women Leaders in Financial and Banking Sector

Name Country Bank or Financial Institution Position

Smt Shyamla Gopinath

India Reserve Bank Of India Deputy Governor (21.09.2004 to 08.09.2009) (09.09.2009 to 20.06.2011) (forenoon)

Smt Usha Thorat

India Reserve Bank Of India Deputy Governor (10.11.2005 to 09.11.2010)

Janet Louise Yellen

USA Federal Reserve System Vice Chair, Board of Governors (2010-Present)

Elizabeth A. Duke USA Federal Reserve System Member, Board of Governor (2008-Present)

Sarah Bloom Raskin USA Federal Reserve System Member, Board of Governor (2010- Present)

Christine Madeleine Odette Lagarde

International Monetary Fund (IMF) Managing Director (2011-Present)

Sabine Lautenschläger Peery

Germany Deutsche Bundesbank . Vice President (2011-Present)

Michele Bullock Australia Reserve Bank of Australia Assistant Governor (Currency) (2010- Present)

Anne Haines Yatskowitz The Kansas City

The Federal Reserve Bank of Kansas City

Member, Board of directors (2010-Present)

Chanda Kochhar India ICICI Bank Managing Director and CEO (2009-Present)

Shikha Sharma India Axis Bank Managing Director and CEO (2009-Present)

Kalpana Morparia India JP Morgan CEO (2008-Present)

Renuka Ramnath India ICICI Bank CEO (2001-2009)

Naina Lal Kidwai India HSBC CEO (2009-Present)

Meera Sanyal India ABN Amro Bank CEO (2007-Present)

Manisha Girotra India UBS Managing Director (2009-Present)

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Irene Dorner USA HSBC President and CEO (2010-Present)

Karen B. Peetz United States BNY, Mellon Vice Chairman (2013-Present)

Beth Mooney United States Keycorp Chairman and CEO (2011-Present)

Cathleen Nash United States Citizens Bank President and CEO (2009-Present)

Dorothy A. Savarese United States Cape Cod Five Cents Savings Bank CEO and President (2005- Present)

Jane Fraser United States CitiMortgage, Inc. CEO (May, 2013-Present)

Colleen M. Johnston Canada Toronto-Dominion Bank Chief Financial Officer (2005-Present)

Leslie V. Godridge United States US Bank Executive Vice President (2007-Present)

Carrie Tolstedt United States Wells Fargo & Company Senior Executive Vice President (Community Banking) (2007-Present)

Anne M. Finucane United States Bank of America Global Strategy and Marketing officer

Catherine P. Bessant United States Bank of America Global Technology and Operations executive

Gertrude Tumpel-Gugerell Europe European Central Bank (ECB) Member, Executive Board (2003-2011)

CEO: Chief Executive Officer

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Appendix 4 Table A4.a: Low income economies ($1,025 GNI or less)

S.No Country Commercial Non-Commercial 1. Afghanistan - - 2. Bangladesh - • Grameen Bank

• Shakti Foundation for disadvantaged women*

• ASA* 3. Benin - Association pour la Promotion et

l'Appui au Développement des Micro-Entreprises*

4. Burkina Faso - - 5. Burundi - Caisse Coopérative d'Epargne et de

Crédit Mutuel * 6. Cambodia - - 7. Central African Republic - - 8. Chad - - 9. Comoros - - 10. Congo, Dem. Rep - - 11. Eritrea - - 12. Ethiopia Enat Bank - 13. Gambia, The - Gambia Women's Finance

Association* 14. Guinea - - 15. Guinea-Bissau - - 16. Haiti - Fonkoze 17. Kenya - Kenya Women Finance Trust * 18. Korea, Dem Rep. - - 19. Kyrgyz Republic - - 20. Liberia - - 21. Madagascar - - 22. Malawi - - 23. Mali - - 24. Mauritania - - 25. Mozambique - - 26. Myanmar - - 27. Nepal - Women’s Bank Nepal 28. Niger - - 29. Rwanda - - 30. Sierra Leone - - 31. Somalia - - 32. Tajikistan - - 33. Tanzania - • Tanzania Women’s

Bank • Covenant Bank of

Tanzania 34. Togo - - 35. Uganda - Uganda Finance Trust* 36. Zimbabwe -

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Table A4.b: Lower middle income economies ($1,026 - $4,035 GNI)

S.No Country Commercial Non-Commercial 1. Albania - - 2. Armenia - - 3. Belize - - 4. Bhutan - - 5. Bolivia - Bolivian Foundation for the

Development of Women* 6. Cameroon - - 7. Cape Verde - Cape Verdean Women’s

Organization#b 8. Congo, Rep. - - 9. Côte d'Ivoire - - 10. Djibouti - - 11. Egypt, Arab Rep. - Lead Foundation* 12. El Salvador - - 13. Fiji - - 14. Georgia - - 15. Ghana - Women’s World Banking Ghana* 16. Guatemala - - 17. Guyana - - 18. Honduras - - 19. Indonesia - - 20. India All women branches by several

commercial banks • FWWB India* • Ujjivan Financial Services

Pvt. Ltd* • SEWA Bank* • Ananya

21. Iraq Women only branch by Babylon Bank

-

22. Kiribati - - 23. Kosovo - - 24. Lao PDR - - 25. Lesotho - - 26. Marshall Islands - - 27. Micronesia, Fed. Sts. - - 28. Moldova - - 29. Mongolia - - 30. Morocco - Association Al Amana* 31. Nicaragua - - 32. Nigeria - - 33. Pakistan First Women Bank Kashf Foundation * 34. Papua New Guinea - - 35. Paraguay - Interfisa Financiera* 36. Philippines - • Negros Women for

Tomorrow Foundation, Inc. * • CARD Bank* • Women's Rural Bank, Inc.#f

37. Samoa - - 38. Sao Tome and Principe - - 39. Senegal - - 40. Solomon Islands - - 41. South Sudan - - 42. Sri Lanka - • Women Development

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Federation* • Sarvodaya Economic

Enterprises Development Services *

• The Women’s Bank (Cooperative)

43. Sudan - - 44. Swaziland - - 45. Syrian Arab Republic - - 46. Timor- Leste - - 47. Tonga - - 48. Ukraine - - 49. Uzbekistan - - 50. Vanuatu - - 51. Vietnam - - 52. West Bank and Gaza - - 53. Yemen, Rep. - - 54. Zambia - -

Table A4.c: Upper middle income economies ($4,036 - $12,475 GNI)

S.No Country Commercial Non-Commercial 1. Angola - - 2. Algeria - Women Development Initiative 3. American Samoa - - 4. Antigua & Barbuda - - 5. Argentina - - 6. Azerbaijan - - 7. Belarus - - 8. Bosnia & Herzegovina - MI-BOSPO* 9. Botswana - Women’s Finance House Botswana#a 10. Brazil - Banco da Familia* 11. Bulgaria - - 12. Chile - Benefe* 13. China - - 14. Colombia - • FMM Popayan*

• Banco WWB* • Fundación delamujer*

15. Costa Rica - - 16. Cuba - - 17. Dominica - - 18. Dominican Republic - Asociación Dominicana para el

Desarrollo de la Mujer* 19. Ecuador - - 20. Gabon - - 21. Grenada - - 22. Iran, Islamic Rep. Women only branches by Bank

Melli -

23. Jamaica - - 24. Jordan - Microfund for Women* 25. Kazakhstan - - 26. Latvia - - 27. Lebanon - The Lebanese Association for

Development - Al Majmoua*

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28. Libya - - 29. Lithuania - - 30. Macedonia, FYR - - 31. Malaysia - - 32. Maldives - - 33. Mauritius - - 34. Mexico - Fincomún, Servicios Financieros

Comunitarios, S.A. de C.V. * 35. Montenegro - - 36. Namibia - - 37. Palau - - 38. Panama - - 39. Peru - Women’s Bank – Peru village Banks 40. Romania - - 41. Russian Federation - Women’s Microfinance Network* 42. Serbia - - 43. Seychelles - - 44. South Africa - Women Development Bank 45. St. Lucia - - 46. St. Vincent & the

Grenadines - -

47. Suriname - - 48. Thailand - - 49. Tunisia - - 50. Turkey - - 51. Turkmenistan - - 52. Tuvalu - - 53. Uruguay - - 54. Venezuela, RB - The Women’s Development Bank#g

Table A4.d: High income economies ($12,476 GNI or more)

S.No Country Commercial Non-Commercial 1. Andorra - - 2. Aruba - - 3. Australia - - 4. Austria - - 5. Bahamas, the - - 6. Bahrain - - 7. Barbados - - 8. Belgium - - 9. Bermuda - - 10. Brunei Darussalam - - 11. Canada - - 12. Cayman Islands - - 13. Channel Islands - - 14. Croatia - - 15. Curacao - - 16. Cyprus - - 17. Czech Republic - - 18. Denmark - - 19. Estonia - - 20. Equatorial Guinea - - 21. Faeroe Islands - -

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22. Finland - Women’s Bank#c 23. France - - 24. French Polynesia - - 25. Germany German Women Bank#d - 26. Greece - - 27. Greenland - - 28. Guam - - 29. Hong Kong SAR, China - - 30. Hungary - - 31. Iceland - - 32. Ireland - - 33. Isle of Man - - 34. Israel - - 35. Italy - - 36. Japan - - 37. Korea, Rep. - - 38. Kuwait - - 39. Liechtenstein - - 40. Luxembourg - - 41. Macao SAR, China - - 42. Malta - - 43. Monaco - - 44. Netherlands - - 45. New Caledonia - - 46. New Zealand - - 47. Nothern Mariana Islands - - 48. Norway - Norwegian Women Network Bank

(kvinnebanken Norgesnett)#e 49. Oman - - 50. Poland - - 51. Portugal - - 52. Puerto Rico - - 53. Qatar - - 54. San Marino - - 55. Saudi Arabia - - 56. Singapore - - 57. Sint Maarten - - 58. Slovak Republic - - 59. Slovenia - - 60. Spain - - 61. St. Kitts & Nevis - - 62. St. Martin - - 63. Sweden - - 64. Switzerland - - 65. Trinidad & Tobago - - 66. Turks & Caicos Islands - - 67. United Arab Emirates - - 68. United Kingdom - - 69. United States - - 70. Virgin Islands (U.S) - -

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* Under the network of World’s Women Banking

# Indicates that there is no reliable evidence to prove the existence of the organization. The links which indicate the presence of these institutions are mentioned below:

#a - http://www.bankofbotswana.bw/assets/uploaded/directory.pdf

#b - http://www.acdivoca.org/site/ID/capeverdeMTSP

#c - http://finland.fi/Public/default.aspx?contentid=214478&nodeid=41805&culture=en-US

#d- http://www.dw.de/german-women-bank-on-investment/a-571478

#e - http://www.grameen-info.org/dialogue/dialogue34/NORWAY.html

#f - http://en.wikipedia.org/wiki/List_of_banks_in_the_Philippines

#g - http://www.coha.org/the-women%E2%80%99s-development-bank-in-venezuela-creating-a-caring-economy/

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Appendix 5

The Need for a Women’s Bank in India: An Empirical Analysis

By

Adhiraj Rawat, Mayank Arora, Parul Madaan & Shreya Juneja

Questionnaire for the Interviews

Important Information

This survey is part of a Summer Trainee Research Project under the mentorship of Professor Charan Singh, Indian Institute of Management Bangalore.

Any information collected via the survey will be kept strictly confidential. Only collective information, after processing will be shared. No names will be ascribed in disseminating research output.

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Questions

Note: Q15, Q16 and Q17 meant only for Bank Professionals.

* Mandatory

1. Name

2. City*

3. Occupation/Profession*

1. Domestic Worker 2. Housewife 3. Student 4. Non-bank Professional 5. Bank Professional 6. Entrepreneur

4. Age group*

1. Less than 24 2. 25-34 3. 35-44 4. 45-54 5. 55 & above

5. Education and place of graduation (if any)*

1. Schooling 2. Matriculate (10th ) 3. 12th 4. Diploma 5. Graduate – (place) 6. Post Graduate – (place) 7. Doctorate – (place) 8. Any other

6. Do you have a bank account/s?*

1. Yes 2. No

If no to the above question, answer only relevant questions

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7. You visit a bank for:* 1. Deposits 2. Loans 3. Both 4. Work place 5. None of the above

8. Are you comfortable with the prevailing banking environment?*

1. Yes 2. No

9. Are you comfortable in dealing with male counter - employees of the bank for the

following:* 1. Deposits (Yes/No) 2. Cash Withdrawal (Yes/No) 3. Recurring/Fixed Deposits (Yes/No) 4. Loan Applications (Yes/No) 5. Loan/Field officers who visit the premises to verify/inspect (Yes/No)

10. Would it be better if you had to deal with only female employees at the counter?

1. Yes 2. No

11. Would you be more comfortable in dealing at banks which have female managers?

1. Yes 2. No

12. What would you prefer?*

1. All female branch 2. Regular bank with both male and female employees

13. What would you prefer :*

1. All women’s branch of a regular commercial bank 2. All women’s bank (one which predominately employees women and is most likely to

be headed by a woman) 3. None of the above

14. What according to you would be the most efficient?

1. All women’s bank 2. Mixed bank 3. All male bank

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4. Any staffing but female counter-staff 5. Any staffing but female manager

15. If you are a bank employee, where would you prefer to work?

1. All-women’s branch 2. Mixed gender workplace 3. All-women’s bank 4. Any staffing but with female manager 5. Any staffing but with male manager

16. If you are a bank employee, are you comfortable in serving customers irrespective of

gender? 1. Yes 2. No

17. If you are a bank employee, what is your opinion?

1. All-women’s bank is more caring to female customers 2. All-women’s bank provides a more conducive environment to female customers 3. Which of the two - all-women’s branch or all-women’s bank - would be preferable by

female customers

18. What are the other services where you would prefer all-women’s institution 1. Airlines 2. Post-offices 3. Cooperative banks 4. Institutions of higher education/Universities 5. Shopping Malls 6. Places of worship 7. Any other (Please mention)

19. What do you agree with? (Mention reasons for your preference/s, if possible)

1. All Women Bank will be better than all women branch 2. All Women Bank will be better than a mixed staffing bank 3. All-women’s bank will increase female participation in work-force 4. All-women’s bank will encourage female entrepreneurship 5. All-women’s bank will increase the flow of credit to females 6. All-women’s bank will lead to higher banking penetration

63

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