The government has drawn up plans to launch country's first all women bank - Bharatiya Mahila Bank - on November 19, the birth anniversary of former Prime Minister Indira Gandhi.
“We have asked the Election Commission for permission. The bank might be as well inaugurated on November 19. All work has been completed. But whether we can do it on November 19, whether we can do it in Delhi or in other city, these are matters my secretary is talking to the Election Commission,’’ Finance Minister P. Chidambaram said at a press conference here on Friday.
The government is seeking Election Commission's nod for launch of the bank, proposed in the Union Budget, as the process of assembly elections in five states, including Delhi, is on. The public sector Bharatiya Mahila Bank proposes to have 25 branches by March 31, 2014. The government has already approved Rs. 1,000 crore seed capital for the women focused public sector bank.
The proposed bank, to be headquartered at Delhi, is likely to be operational by November this year. The Reserve Bank of India gave its in-principal approval for the Bharatiya Mahila Bank in June and the banking company is being set up. One of the key objectives of the Bank is focus on the banking needs of women and promote economic empowerment. The bank has invited applications through online mode from female candidates for 115 posts.