Bharatiya Mahila Bank: Proposal to setup All-women’s Bank approved

 

The union cabinet on Thursday approved a proposal to set up a state-owned all-women’s bank with an initial corpus of Rs. 1,000 crore, paving the way for setting up a financial institution dedicated to women in general, and women Self-Help Groups (SHGs) in particular.

The proposed bank is likely to begin operations by November this year.

The proposal to set up the Bharatiya Mahila Bank was first announced by finance minister P Chidambaram’s in this year’s budget speech in February.

According to sources, the government expects the bank to turn profitable by 2019. It plans to set to open 100 branches within that period.

Minister of state for finance Namo Narain Meena had told the Rajya Sabha on Wednesday that the government is planning to seek Parliament’s nod for allocation of funds for setting up the bank.

Government has finalised the proposal to start the Bharatiya Mahila Bank Limited with 6 branches, one each in North, South, East, West, Central and North Eastern parts of India, sources said.

The initial cadre of about 125 officers of the new women-focussed bank will be selected on deputation from other public sector banks, sources said.
 

Read more at Hindustan Times