Finance Ministry seeks RBI approval for all-women bank

To make all-women bank a reality by October2013, the Finance Ministry has approached the Reserve Bank for clearance to set up the country’s first such bank

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 - with at least one branch in each major region of this country, South, West, East, Centre, North and the North-east.

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.