Saturday, 2 March 2013

Budget 2013: Women's bank to open by October 2013.

Finance Minister P Chidambaram in his budget speech announced the setting up of India's first public sector women's bank with an initial capital of Rs 1,000 crore

Licenses approval for “ Women’s Bank” is expected to be by October’13.

As part of his Union Budget, Finance Minister P Chidambaram said during his budget speech that India will set up a special Public Sector Unit bank solely for women, and to support businesses run by women.

The announcement of “Women’s Bank” has again been made by government to empower women and has led to mixed and divided opinions in the corporate world. It is expected that this will lead to inclusion at different levels, empower women from lower to middle income groups and give women a higher status in society. "It will encourage women to apply for loans, and start entrepreneurial activities. The move will particularly encourage women at the grass-roots levels to recognise their aspirations and will help women gain status in society,"

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