The Cabinet is likely to approve on Thursday setting up of the Bhartiya Mahila Bank with an initial capital of Rs 1,000 crore.
The establishment of an all women bank is on the agenda for consideration in the next Cabinet meeting, sources said.
The bank, which will have an initial capital of Rs 1,000 crore, would provide dedicated financial services to women in general and women Self-Help Groups (SHGs) in particular.
Government is planning to seek Parliament nod for allocation for setting up of the bank, which was proposed by
Finance Minister P Chidambaram in his Budget speech.
In a written reply in the Rajya Sabha, Minister of State for Finance Namo Narain Meena today said the government has finalised the proposal to start the Bhartiya Mahila Bank with 6 branches, one each in North, South, East, West, Central and North Eastern part of the country.
A need was also felt to establish the Women’s Bank to facilitate access to financial services, promote asset
ownership, women entrepreneurship and participation of women in the economic activities to provide impetus to the process of inclusive growth and also their empowerment,” Meena said.
The proposed bank is likely to be operational by November this year.
—————PTI