The government has proposed to seek the approval of Parliament for allocation of Rs 1,000 crore for setting Bhartiya Mahila Bank Ltd, said media report.
"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," Minister of State for Finance, Namo Narain Meena said in a written reply to the Rajya Sabha.
The move to set-up Bhartiya Mahila Bank is aimed at encouraging women in general and women Self-Help Groups (SHGs) in particular, with over 6 branches, one each in North, South, West, Central and North Eastern part of the country, said the media report.
He further added that 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.
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