The government has said it will seek Parliament approval for allocation of Rs 1,000 crore for setting Bhartiya Mahila Bank Ltd.
The government said it will seek Parliament approval for allocation of Rs 1,000 crore for setting Bhartiya Mahila Bank Ltd.
In a written reply to Rajya Sabha, Namo Narain Meena, Minister of State for Finance, said, “It is proposed to solicit the approval of the Cabinet to include the allocation of Rs 1,000 crore to the Women's Bank in the first Supplementary to be approved in the current Monsoon Session of Parliament.”
The initial capital of Rs 1,000 crore for the bank has been so decided that the bank is not capital constrained for expansion of normal business, he added.
The minister informed that the government has finalised the proposal to start the Bhartiya Mahila Bank with 6 branches, one each in North, South, West, Central and North Eastern part of the country.
The move to set-up Bhartiya Mahila Bank is aimed at encouraging women in general and women Self-Help Groups (SHGs) in particular, he stated.
“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 announcement to set up all Women's bank was made by Finance Minister P Chidambaram in the Budget speech this year.
The proposed bank is likely to be operational by November this year.