The Finance Minister has announced about the set up of a new bank which will be India’s first women’s bank. The announcement has been made during his budget speech. For those who are preparing for competitive exams and interviews must have information about this women’s bank as questions are bound to be asked on it in the coming exams.
We are giving you important points about the setting up of India’s first women’s bank:
- The bank is going to be run mostly by women and it would provide funds for the entrepreneurial initiatives by women.
- The bank is said to be a Public Sector Bank and Rs 1,000 crore has been allocated as the initial capital to start the first all-woman bank in the country.
- The bank is expected to begin its operations by October 2013 and it will support the SHGs and women’s livelihood.
- There is still not much clarity on what will be the specific features of this bank, how many branches, locations etc.
- On the whole, the first women’s bank is going to increase job opportunities for women and will help in the emergence of many women entrepreneurs in the country.
Reaction of Bankers and Analysts: Bankers and analysts felt that this kind of bank should be able to serve women better and as far as products are concerned the bank is likely to offer services similar to the existing banks