FinMin seeks RBI nod for women's bank

To make all-women’s bank a reality by October this year, the Union Finance Ministry has approached the Reserve Bank for clearance to set up the country’s first such bank.

“The committee set up to prepare the blueprint for all-women’s bank has submitted its report to the Finance Minister. We have sought in-principle approval from RBI for all women bank,” Financial Services Secretary Rajiv Takru said.

The first all-women’s bank wholly-owned by government is expected to start operations from November 2013 through six branches spread across the length and breadth of the country. Finance Minister P Chidambaram had said the bank will be inaugurated in November.

“Initially we should start with at least one branch in each major region of this country, South, West, East, Centre, North and the North-east. So that will mean immediately we should start with six branches,” he had said.

The bank would start with an initial capital of Rs 1,000 crore and lend mostly to women and women-run businesses, provide support to women (SHGs) and their livelihood.