Cabinet approves setting up of all-women bank- Bhartiya Mahila
Bank Ltd
Paving the way for setting up of all-women bank,
the government on 08 August 2013(Thursday) approved Rs 1,000-crore seed capital
for Bhartiya Mahila Bank Ltd.
The Cabinet cleared setting up of all-women
bank, sources said. Earlier this week, Minister of State for Finance Namo
Narain Meena had said in a written reply to the Rajya Sabha that "it is
proposed to solicit the approval of the Cabinet to include the allocation of Rs
1,000 crore to the Women's Bank in the first Supplementary to be approved in
the current Monsoon Session of Parliament".
The proposed bank will be headquartered in
New Delhi. It will start with 6 branches in North, South, West, Central and
North Eastern part of the country.
The bank is expected to become profitable
in five years of its operation.
The initial capital of Rs 1,000 crore for
the bank has been so decided that the bank is not capital constrained for
expansion of normal business.
The move to set up Bhartiya Mahila Bank is
aimed at encouraging women in general and women self-help groups (SHGs) in
particular.
The announcement to set up all Women's bank
was made by Finance Minister P Chidambaram in the Budget speech this year.
The proposed bank is likely to be
operational by November this year.
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