Indian Finance Ministry-Promoter of All-Women Bank approaches RBI


WOMANThe internal deadline set up by UPA for the All-Women Bank to go live is October 2013.

The concept of All-Women Bank was announced by Shri P.Chidambaram, Indian Finance Minister in the Annual Budget on February 28.

Finance Ministry being the main promoter of the All-Women Bank has approached RBI in the capacity of Promoters for necessary clearances for country’s first such bank.

“The committee set up to prepare the blueprint for all-women 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 told PTI.

The first all-women 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.

The bank mostly manned by women would start with an initial capital of Rs 1,000 crore.

The proposed bank will lend mostly to women and women-run businesses, provide support to women Self Help Groups (SHGs) and their livelihood.

Moreover, it will employ predominately women which addresses the gender-related issues and empowerment and financial inclusion. However, it will take deposits from men and women both.

Subsequently, in March, the Finance Minister constituted a committee of bankers and other experts to prepare a blueprint for all-women bank.

The committee was headed by former Canara Bank Chairman M B N Rao. Its members were M D Mallya, former CMD of Bank of Baroda, Jayshree Vyas, Managing Director SEWA, Arundhati Bhattacharya, MD & CEO of SBI Caps, Usha Ananthasubramanian, Executive Director, Punjab National Bank, and K Ramakrishnan, Chief Executive of Indian Banks’ Association.

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