The government has appointed Usha Ananthasubramanian as the Chairperson and Managing Director (CMD) of Bharatiya Mahila Bank, the first all-women bank.
Ananthasubramanian assumed charge on Tuesday, Bharatiya Mahila Bank (BMB) said in a statement.
In a career spanning over 31 years, she has worked in various positions in the banking and allied areas.
Ananthasubramanian started her career in the actuarial department with Life Insurance Corporation (LIC) and banking career in February 1982 as a specialist officer in the planning stream of Bank of Baroda.
Before joining the all-women bank, she was an executive director with Punjab National Bank (PNB). At PNB, she was a part of the committee formed for examination of the blue-print and other issues for setting up of the Women's Bank.
The report was prepared based on the terms of reference given to it by the Finance Ministry and was submitted within the stipulated time, which paved the path for the India's first public sector Women's Bank to be headquartered in Delhi.
Subsequently, Ananthasubramanian was nominated as leader of the core management team constituted by the Finance Ministry for coordinating the process of establishment of the Women's Bank.
The Reserve Bank of India gave its in-principal approval for the Bharatiya Mahila Bank in June and the banking company was set up. The government approved Rs 1,000 crore seed capital for the women-focused public sector bank, announced by Finance Minister P Chidambaram in his budget speech.
One of the key objectives of the bank is to focus on the banking needs of women and promote economic empowerment.