FM sets up panel to ready blueprint for women’s bank
Finance minister P Chidambaram has constituted a six-member panel on International Women’s day to prepare a blueprint for the bank with an initial capital of R1,000 crore.
The committee, set up on Friday will be chaired by former Canara Bank CMD MBN Rao and has three members who are women: Jayshree Vyas, MD, SEWA, Arundhati Bhattacharya, MD and CEO, SBI Caps, and Usha Ananthasubramaniam, the executive director, Punjab National Bank. The other members are MD Mallya, former CMD of Bank of Baroda and K Ramakrishna, CEO, Indian Banks’ Association.
The panel will submit its report by April 30, so that necessary approvals including banking licence can be obtained by October, 2013. The public sector bank is expected to start functioning from November.
In his Budget speech, Chidambaram noted that though women are at the head of many banks today, including two public sector banks, there is no bank that exclusively serves women.
This finding, he said, led to have a bank that lends mostly to women and women-run businesses, that supports women SHGs and women’s livelihood, that employs predominantly women, and that addresses gender-related aspects of empowerment and financial inclusion.
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