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FinMin to seek Cabinet's nod to set up all-women bank

11 Jun 2013 Evaluate

In a move to create job opportunities for women in the country, the finance ministry is likely to approach the cabinet for approval to set up India's first all-women bank, entailing Rs 1,000 crore initial investments. All-women bank, proposed in Budget, would be wholly-owned by the government and is expected to start operations from November, 2013 through six branches in different parts of the country.   

The bank, mostly manned by women, would start with an initial capital of Rs 1,000 crore and initially there would be one branch in each major region of the country - South, West, East, Centre, North and the North-east. Further, the proposed bank will lend mostly to women and women-run businesses and provide support to women Self Help Groups (SHGs) and their livelihood. 

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

Further, the government is also soon planning to open All-Women Post Offices. The Department of Post-office (DoP) has planned to set up at least three to four All-Women post offices in all the metros and a minimum of one such PO in Tier-II cities. The move will start from the urban centres and then slowly cover the other areas. 

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