Companies & Sectors
Bhartiya Mahila Bank: Focus on financial inclusion and promotion of entrepreneurship, not kitchen loans

Mahila Bank is apparently giving “kitchen loan” as per the initial press reports. Kitchen is the place where most of the women in India spend their maximum time. Surely, we want to break that paradigm, not reinforce it

“What's in a name? That which we call a rose by any other name would smell as sweet” wrote William Shakespeare. But he would have definitely changed his thoughts had he visited India, a country obsessed with not just name, but names which very rarely deliver what they are supposed to do. This obsession with names is very well entrenched in the financial services industry. We don’t just sell financial products by catchy names; now we also have financial institutions being promoted by names. Latest to join the series is “Bhartiya Mahila Bank”.

A bank is supposed to be for women of this country, where men can not only be employees, but also have an account opening facility. So what is that differentiates this new bank with other banks that we have in India? Sounds funny but to start with it is “kitchen loan” as per the initial press reports. After all, kitchen is the place where most of the women in India spend their maximum time. This kitchen loan is the start up USP of this bank which must make our Finance Minister happy who was completely wrong to think that all banks were just clones of each other and were offering the same products and services much to his disappointment.

Jokes apart, the most important question that we need to debate now is not whether India needs a “ Mahila bank” or not, as we have created one, but to see what can this bank do to transform the country. There are many things that this bank can do which other banks have failed to do till now, though the concept exists on paper for long. The first and the most important objective of this bank should be to promote financial inclusion. Important thing to note here is that financial inclusion is not something which rural India alone needs. We need financial inclusion in the financial capital of India i.e. Mumbai. There are several maid servants, women vegetable vendors and other women doing small businesses etc., who do not have access to bank accounts and find it difficult to open accounts because of various constraints. These constraints include proof of residence not available, unawareness about the process of account opening etc. There is an RBI circular to handle this scenario in the name of financial inclusion but banks rarely offer the account opening facility to those who don’t matter to them. So this new bank for women can work wonders in ensuring financial inclusion.

The next significant contribution that this bank can do is to promote entrepreneurship among women in India. We have a huge pool of human resource in form of non-working women, which can contribute to economic growth if capital is arranged and hand-holding for starting a business is done. Banks can definitely ensure the first one and contribute substantially to the second one. There is a scheme by the government to promote start up businesses which do not have capital of their own and is called as CGTMSE. Why not make the new bank deliver capital support to woman entrepreneurs through this scheme or any other new idea, if possible? Of course, due diligence process and control points cannot be compromised by granting loans to anybody but an attempt can be made in this direction by targeting the right group.

Of course, a bank cannot financially be viable by promoting financial inclusion and promoting entrepreneurship alone; hence it needs to work on general banking concepts of mobilising deposits and lending to the needy. This is to say that this new bank should continue with old bank practices to remain viable but should always focus on financial betterment of women to make its name and objectives more relevant.

(Vivek Sharma has worked for 17 years in the stock market, debt market and banking. He is a post graduate in Economics and MBA in Finance. He writes on personal finance and economics and is invited as an expert on personal finance shows.)


Redevelopment of old building: Here is checklist for home owners, CHS office bearers

There are several things to keep in mind while dealing with redevelopment of a building, especially for flat owners in a CHS. Here’s a checklist while dealing with redevelopment so you do not fall into the trap like home owners in the Campa Cola compound

The Campa Cola episode clearly highlights not only the need to curb illegal buildings and corruption but also the need for buyers to be aware of their rights. When redevelopment of the building is proposed, what are the things that you should keep in mind so that you do not fall into the trap like Campa Cola owners?


In the run up to Vinod Sampat’s seminar on 23rd November, he highlights what you need to keep in mind. Before reading, you may want to register for the event over here


Here are the important points that may be considered by your society while considering redevelopment


  • Income tax liability on the cooperative society; clause should be included in the tender that the same would be the liability of the developer


  • Ask for the permission if developer has obtained from the cooperative department in the projects undertaken for redevelopment in Maharashtra


  • Insist on a feasibility report; the services of a project management consultant of repute can be of help to the cooperative society in the long run


  • Insist on categorical statement from the developer that the developer will not construct more than a specified carpet area (be specific in sq feet terms)


  • The rights for additional FSI/TDR benefits should exclusively belong to the cooperative society


  • Do not to keep blind faith on cooperative society members negotiating with the builder


  • Do not compromise on stuff like height of the flat, three-phase meter, bore well, etc. Insist on individual agreement of members with developer before vacating the premises


  • Six months time be given to the members to shift to the new flat and then only possession of flat should be given to the new flat purchasers. This will have a taming impact on the new flat purchasers who at times do not behave properly with the managing committee members. A small minority may not be able to stop a redevelopment project


  • Insist on bar chart with regards to the phase at which construction activities would proceed


  • Ensure site visits to the various redevelopment projects completed by the developers. Before site visit, the letter of acceptance given by the cooperative society (where site visit is proposed) should be insisted


  • Post-dated cheque for a period of 24 months in advance. Normally the buildings are not constructed within the promised period. The agreement with the licensor should give an option of retaining the premises for an additional period of six months. The rent is normally increased every 11 months by the licensor


  • Amenities should be specified in detail


  • TDR to be purchased in cooperative society’s name


  • Agreement should specify that if the project is delayed beyond say ________ (days/month), then penalty per day of Rs_______ will have to be paid by the builder to each cooperative society member, besides the rent


  • The right of the developer should be as a licensee and not as an owner


  • The number of car parking spaces to be retained by the existing members of the cooperative society stilt as well as open car parking should be specified in the agreement


  • The amount to be collected towards transfer from new flat purchasers should be specified


  • No application for condoning of parking space deficiency should be made by the developer without the cooperative society architect’s written consent


  • Project is executed on AS IS WHERE IS BASIS


  • Builder should not make any changes in the building plan without the written consent of cooperative society architect


  • Builder should indemnify the cooperative society for all costs, expenses directly and/or indirectly connected with construction related activities


  • The right to terminate the Development Agreement, if the builder does not complete construction on or before _______ should be with the cooperative society


  • Insist on cooperative society architect’s certificate with regards to the carpet area of flat,  specifically mentioning the area of niche, drying space, dry balcony


  • Above all insist for a lien of say 10% till the builder obtains the building completion certificate.


  • The developer must be told to give his offer of the cooperative societies where he has undertaken redevelopment work with the information as under

(a) Date of offer

(b) Area constructed

(c) Date of Acceptance of offer

(d) Date of receipt of IOD

(e) Date on which the last member vacated the premises

(f) Date of receipt of occupation certificate

(g) Date of receipt of the building completion certificate

(h) Income Tax return of developer and his partners, directors


Stay tuned for the 5th part which will be published tomorrow in the run up to Vinod Sampat’s seminar. Register for the Moneylife Foundation Event by Vinod Sampat.


Check the first part over here

Check the second part here.

Check the third part here.


Those seeking help or advice on CHS issues can contact
Moneylife Foundation’s Legal Resource Centre (LRC) ( )


(Adv Vinod Sampat is a practising lawyer since past 28 years. He has authored several articles on property-related matters and written 46 books on cooperative societies, transfer of flats, recovery of dues, registration and stamp duty matters. He has been an Hon. Patron member of the Estate Agents Association of India. He is also the Hon. Advisor of the Federation of Accommodation Industry of India and is an advisor to the Maharashtra Chamber of Housing Industry as well as the Federation of Accommodation Industry in India, apart from being part of many committees and winning several honours.)



Vaibbhav Gajzar

9 months ago

Secretary not taking appropriate steps for having the redevelopment procedure completed on time. Building is very old and might fall if not taken action on time. Please help with what legal action can be taken against him as a flat owner. Please advise?

S P Borshe

4 years ago


What about Bank Guarantee ?

According to me the society should ask for unconditional bank guarantee equal to the total project cost.



nagesh kini

In Reply to S P Borshe 4 years ago

This is an extremely valid pre-requsite to stall delays and defaults.

Sachin Tendulkar’s Bharat Ratna and Mission Mars: Some uneasy questions

Our stars, who are the Gods for the younger generation, promote bottled sodas and desiccated milk drinks both of which are dangerous to human health, while Mars Mission eats up the tax payers' hard earned money. This is exactly why inexpensive health measures are not encouraged by the powers that be. They want more diseases to get more money for the sickness industry!

“The principle that human nature, in its psychological aspects, is nothing more than a product of history and given social relations removes all barriers to coercion and by the powerful.” - Noam Chomsky


Forty seven million children in India do not have even one good meal a day and suffer from a fatal disease, Nutritional Immune Deficiency Syndrome. (NIDS)  Our government does not have the money to feed them and children die like flies. Good for statistics and population control! We had tons of money to go to the moon. Now our proud “scientists” are trying to explore the Mars with their mars mission; not from the near orbit but from a large elliptical orbit, if we reach there, that is.

One of the great things I learnt from one of our venerated scientists is that the mars mission to be able to predict all the future storms and earth quakes! Every Indian rupee spent is done for the good of the common man, he said! USA and Russia should have been able to predict all their calamities with their multiple moon and mars missions! Who are we pretending to fool in the name of this Golem, called science? Let us know that huge money was spent for the moon mission although the mission failed? How many people became rich by selling the satellites to private players?

Another one of those great leaders felt that people spend more money for Deepavali crackers than the mars mission. He conveniently forgot that Deepavali spending is personal money. Mars eats up the tax payers’ hard earned money in preference to giving food for the dying hungry kids! No one builds a statue for those who struggle for the welfare of the poor and the downtrodden, those who prevent diseases to the extent possible. That is exactly why the inexpensive health measures are not encouraged by the powers that be. They want more diseases to get more money for the sickness industry! Yet, if we feed all the kids, if they are healthy and happy, it does not make headline news. But, by accident, if you land a space ship on the mars it will be hailed as a great feat.

I wonder why such crooked thinking is encouraged. Many a time I wonder how bootleggers, crooks, the mafia dons, scoundrels in the guise of netas thrive and enjoy life. The reason is very clear now, thanks to the concept of the KaliyugaAnrita meva jayathe-Na satyam. In the Kaliyuga, falsehood only thrives and not the truth!

The following is exceprted from the Sanskrit texts the Vishnu Purana and the Linga Purana:

Thieves will become kings, and kings will be the thieves. Rulers will confiscate property and use it badly. They will cease to protect the people. Base men who have gained a certain amount of learning (without having the virtues necessary for its use) will be esteemed as sages. There will be many displaced persons, wandering from one country to another. Predatory animals will be more violent. Foetuses will be killed in the wombs of their mothers. People will prefer to choose false ideas. No one will be able to trust anyone else. People will be envious. There will be many children born whose life expectancy is no more than 16 years. People suffering from hunger and fear will take refuge in underground shelters. Young girls will do trade in their virginity. The god of clouds will be inconsistent in the distribution of the rains. Shopkeepers will run dishonest businesses. There will be many beggars and unemployed people. Everyone will use hard and vulgar language. Men will devote themselves to earning money; the richest will hold power. The state leaders will no longer protect the people but, through taxes, will appropriate all wealth. Water will be lacking.

The noble profession that I belong to has degenerated to such a low level, that we want people to be sick to benefit us. Health promotion which is both inexpensive to the tax payer as also beneficial to the common man is never encouraged. I was happy that an eminent chemist, CNR Rao and the star attraction of cricket, Sachin Tendulkar have been awarded Bharat Ratnas. I extend my hearty congratulations to both of them. May God bless them. That brings to mind the editorial in this week’s British Medical Journal which talked about the international acclaim for Sachin’s cricketing prowess but made a very pertinent point about these cinema and sports stars promoting unhealthy foods and drinks.

Here is what the BMJ (British Medical Journal) wrote: “I wonder what might be said about promotion of soft drinks by cricketers though. Easily one of the largest sponsors for cricket in the country, the soft drinks industry has grown unchecked. In the latest BMJ poll on regulation of India’s soft drinks industry, an overwhelming majority concur: not enough is being done. Ruling on a petition to regulate misleading advertising of soft drinks, particularly those targeted at children, the Supreme Court directed the Food and Safety Standards Authority of India to ensure greater enforcement of regulations in the larger interest of "protection of human life and health".

I had written earlier about our stars, who are the Gods for the younger generation, promoting bottled sodas and desiccated milk drinks both of which are dangerous to human health. But who cares in the midst of their bloated egos? I am happy that a leading medical science journal also felt the need to warn these stars about their helping the wrong foods for a few crores of sponsorship money. I do not think money is ever a problem with these super heroes. Can they not desist from the lure of that additional income?

Before the advent of money we lived an egalitarian life with universal compassion. Studies of some aboriginal races (Innus in particular) did show that truth in great detail. Today, as Wordsworth wrote:

“The world is too much with us; late and soon,

Getting and spending, we lay waste our powers,

Little we see in Nature that is ours;

We have given our hearts away, a sordid boon!”


This is Kaliyuga that we live in. I am still not clear in my mind as to why anyone invented the Kaliyuga? I am searching for the teleologic connection without success so far. Why are we condemned to be living in such a hostile time? Can a new collective consciousness of universal compassion change the world for better?


“There is clear industry manipulation of research and political collusion. If it were not for this clear deception, these foods would not be in circulation.”-Jeffrey Smith


(Professor Dr BM Hegde, a Padma Bhushan awardee in 2010, is an MD, PhD, FRCP (London, Edinburgh, Glasgow & Dublin), FACC and FAMS. He is also Editor-in-Chief of the Journal of the Science of Healing Outcomes, chairman of the State Health Society's Expert Committee, Govt of Bihar, Patna. He is former Vice Chancellor of Manipal University at Mangalore and former professor for Cardiology of the Middlesex Hospital Medical School, University of London.)



Maj Gen Ashok Coomar

4 years ago

Thanks Dr Hegde for this enlightening disclosure at an appropriate time. Even critics of Bharat Ratna award to Sachin, like me, failed to connect the damage done by cricketers and other celebrities to society by promoting harmful food products to add to their millions. That alone should disqualify them from being considered for any award.I hope our countrymen will take note.


4 years ago

Nothing will change. India's sheep will continue to elect wolves and Dr, B.M. Hegde will not throw the Padma Bhushan in the face of the Presiding Wolf.

Abhijit Gosavi

4 years ago

Great article, Dr. Hegde! I just hope more people see your point! All that taxpayer money spent on the Mars mission could have been used to improve sanitation somewhere or build a new road/repair a bridge. Plus, it may all come to nothing if, after all, the probe doesn't reach where it is supposed to reach. It is also questionable how cricketers serve the society. Most of them care only for the deals they get from their sponsors. Are they really good role models for young people? I mean a thousand SRTs will not really transform the nation, will they?

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