First all-women bank by Oct: Chidambaram

Govt has announced an initial capital of Rs 1,000 crore for the purpose

The country is all set to get an all-women bank by this year with the government announcing an initial capital of Rs 1,000 crore for the purpose.

Announcing the Budget proposals for 2013-14, Finance Minister P Chidambaram said the bank is likely to be set by October this year.

"I...Propose to set up India's first women bank as the public sector. I shall provide Rs 1,000 crore as initial capital. I hope to obtain the necessary approval and banking licence by October, 2013," he said.

The proposed bank will lend mostly to women and women run businesses, support women SHGs and womens livelihood, he said.

It will employ predominately women which addresses the gender related issues and empowerment and financial inclusion, he added.