Zee Media Bureau
New Delhi: Prime Minister Manmohan Singh on Tuesday inaugurated the all women Bharatiya Mahila Bank.
Speaking at the inaugural, finance minister P Chidambaram stated that an all-woman board of Mahila Bank was also constituted with the induction of eight women directors.
Government earlier wanted to launch the bank in Delhi but changed its plan in view of the Model Code of Conduct in force in the capital.
With the inauguration of the bank, seven branches would become operational across the country, including in Kolkata, Chennai, Ahmedabad and Guwahati. The government proposed opening of the bank branches in Delhi and Indore also, which has been disallowed by the poll body till the end of polls.
Headquartered in Delhi, the bank proposes to have 25 branches by March 31, 2014.
The Finance Minister had announced the setting up of the all-woman bank in his Budget speech this year. The bank will be set up with an initial capital of Rs 1,000 crore.
The Reserve Bank of India gave its in-principal approval for the Bharatiya Mahila Bank in June.
First Published: Tuesday, November 19, 2013, 15:46