The Election Commission has allowed the launch of the first all-woman Bharatiya Mahila Bank in the country on Tuesday but asked government not to open its branches in Delhi and Madhya Pradesh and neither do publicity of the bank in these poll-bound states, said the media report.
The government had earlier wanted to launch the bank in Delhi but changed its plan in view of the Model Code of Conduct in force in the capital, added the media report.
Headquartered in Delhi, the bank proposes to have 25 branches by March 31, 2014. The finance minister had announced the setting up of the all-women bank in his Budget speech this year. The bank will be set up with initial capital of Rs 1,000 crore.
The Reserve Bank of India (RBI) gave its in-principal approval for the Bharatiya Mahila Bank in June. Earlier this week, the government appointed Usha Ananthasubramanian as the bank's Chairperson and Managing Director.
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