The Union Cabinet on Thursday cleared a proposal to set up the Bharatiya Mahila Bank (BMB) with an initial corpus of Rs 1,000 crore.
The bank proposed in this year’s Budget, will provide dedicated financial services to women in general and women self-help groups (SHGs) in particular. The bank is likely to be operational by November.
Minister of State for Finance Namo Narain Meena had said the govt. would seek parliament’s approval for grant of Rs.1 thousand crore for Bhartiya Mahila Bank.
The amount would ensure the bank would not fail because of shortage of capital. There would be 6 branches of the bank across the country. The bank would go a long way in helping women and their self-help groups in the country.
The minister said it in a written reply in the upper house of parliament. The bank would start functioning towards the end of 2013.