FinMin to soon approach Cabinet to set up all-women bank

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The Finance Ministry is soon likely to seek the Cabinet's nod for setting up the country's first all-women bank, as proposed in the Budget by the Center.

Sources said that a Cabinet note has been circulated for the proposed bank, subsequent to which the cabinet is expected to consider the matter shortly.

Entailing an initial investment of Rs 1,000 crore, the government-owned bank is likely to commence operations beginning November 2013 via 6 branches in different parts of the country.

Recently, Finance Minister P Chidambaram also said that the government would initially set up one branch in the country's 6 major regions including North, South, East, West, Center and North-east.

Mostly manned by women, the proposed bank will most focus on lending to women and women-run businesses, thereby supporting women Self Help Groups and their livelihood.

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Story first published: Monday, June 10, 2013, 23:15 [IST]
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