Panel to make blueprint of women's bank

The bank is expected to start functioning from Nov 2013

The government on Friday gave Women’s Day present by setting up a committee of experts to prepare the blueprint of India’s first women’s bank. The bank is expected to start functioning from November.

The committee, to be headed by former Canara Bank Chairman M B N Rao, will submit its report by April 30.

Finance Minister P Chidambaram said necessary approvals, including banking licence, will be obtained by October.

 He clarified since this would be a public sector bank, the licence would be given under the existing RBI norms for state-run banks.

“Don’t mix it with guidelines for new private sector banks,” he said.

In his Budget Speech 2013-14, the finance minister had proposed to set-up the women’s bank with an initial capital of Rs 1,000 crore. The bank will start operations with six branches in six regions spread across the length and breadth of the country.