Union Budget 2013 -14: Bank run 'by women, for women' to be set up by October

In an unexpected move, finance minister P Chidambaram announced in his Budget proposals for 2013-14 that the government will set up an all-women's bank in the public sector by October.

It will be a women bank, run by women, for women, he said.

He said he proposed to set up India's first all-women bank as the public sector and would provide Rs1,000 crore as  initial capital. He added, he hoped to obtain the necessary approval and banking licence by October 2013.

The proposed bank would lend mostly to women and businesses run by women, support women self help groups (SHG)s and the livelihood of women, he said.

The bank would mainly employ and help address gender related issues, empowerment and financial inclusion, he added.

Further details are keenly awaited.