The Ambika Mahila Sahakari Bank Ltd. Ahilyanagar
There was no bank exclusively for women—where the members and board of directors would be women, and the mission and policies would also be decided by women themselves.There was a need for a women’s bank aimed at the economic development of women.
With this vision in mind, and inspired by the late H. K. alias Balasaheb Kale, she began working as the chief promoter to establish a separate bank for women. Undertaking this extremely challenging task with the support and assistance of a few other women, she overcame numerous obstacles along the way.
First, a survey of the entire city was conducted to collect data on the total population, the number of women, their involvement in business, employment, and the number of homemakers. This information was compiled into a survey report, which was first submitted to the “District Deputy Registrar Office, Ahilyanagar” for approval.
Subsequently, the report was sent to the cooperative offices in Nashik and then Pune, where it received approval before being forwarded to the Reserve Bank of India in Mumbai. The support of her husband, the late Yashwantrao Kale, as well as many other men, was also instrumental.
This report was considered a model report. The Reserve Bank granted permission to start the bank and instructed them to complete the remaining formalities. Accordingly, they needed to raise share capital of ₹3 lakhs. By going door to door, the women raised ₹4 lakhs in shares. The bank received its license on 9th December 1987, and preparations began—finding premises, appointing staff, arranging stationery and printing, acquiring furniture, and hiring workers. On 4th January 1988, a grand inauguration ceremony was held, and the bank officially began operations. The bank was named after the goddess Ambika.
Initially, the bank faced many challenges. Deposits started coming in, but while disbursing loans only to women members, they encountered difficulties due to the lack of property in women’s names for collateral. This issue was resolved by taking salaried individuals or landowners as guarantors—husbands or sons.
Loans were provided for marriages, education, medical needs, and to fulfill the dream of owning a home. However, the bank’s primary objective was the financial independence and development of women! To enable them to stand on their own feet, loans were offered for starting various businesses—traditional ones like general stores, flour mills, fall pico machines, sweater knitting machines, vegetable vending, textile business, tea stalls—as well as modern enterprises like Xerox machines, computers, fabrication businesses, gravel-making machines, and animal feed businesses.
With support from the District Industries Centre, women’s training programs were organized. Exhibitions of the goods made by women were also held.
