Bhartiya Mahila Bank Ltd
The
government on Aug 2013 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".
Read > India's first womens only University
Read > India's first womens only University
The proposed bank will be headquartered in New Delhi. It
will start with six 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, he had said. The move to set up Bhartiya Mahila Bank is aimed at encouraging women in general and
women self-help groups (SHGs) in particular, he had said. 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.
11 Aug 2013
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