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Budget 2013 – First Ever All-Women Public Sector Bank in India

In his budget speech, the Finance Minster, Mr.P.Chidambaram today announced that soon Public Sector banks specially for women will get opened up in the country. Such Public Sector Banks will be completely staffed with women employees and will give loans mostly to women.

He added in his budget speech that including two public sector banks many other private banks also are headed by women, but no bank yet has been established which exclusively serves finance needs of women.

So, he in his Union Budget 2013-2014 announced today, proposed establishing women’s bank in India for the first time with initial capital of Rs.1000 crore,which will lend finance mostly to women, support women SAGs and livelihood, and will be run solely by women employees.

The necessary approval and Banking License will be obtained by October 2013, he said.Setting up of Women banks will certainly address the gender related and employement related issues.

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