Only about 26 percent of the 585 million women in India have any kind of formal relationship with a bank said Usha Ananthasubramanian, CMD of the Bharatiya Mahila Bank (BMB) on Wednesday at the Indian Institute of Management, Ahmedabad (IIMA). She stated that although Indian women had traditionally been saving, spending and borrowing throughout the years through non-formal channels, they had not been integrated into the formal financial system. BMB’s focus is to address this deficit.