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The finance ministry’s plans to launch branches of the first women’s bank in three Assembly election-bound states has taken a hit, but with an eye on the general polls next year, it is going undeterred with its plans in six other states.
Prime Minister Manmohan Singh and United Progressive Alliance Chairperson Sonia Gandhi will inaugurate the branches next week and announce special schemes for women opening accounts with it.
Officials said the Bharatiya Mahila Bank would offer special schemes to women opening an account with it. While the bank would extend its services to men, too, they won’t get any special dispensation.
Details of the schemes would be announced by the prime minister while inaugurating the bank from Mumbai on November 19 — the birth anniversary of former prime minister Indira Gandhi. There will be a simultaneous launch in Kolkata, Guwahati, Chennai, Bangalore, and Lucknow through a video link.
“Certain benefits would be given to women customers of the bank,” Financial Services Secretary Rajiv Takru said. He, however, did not divulge any details.
In the last Budget before the elections in 2009, the government had announced a farm debt waiver of Rs 60,000 crore. But this year, it doesn’t have the fiscal space to dole out such freebies. It is betting on its “game-changer” Direct Benefits Transfer scheme, but that has not picked up as expected earlier. Special schemes for women customers of banks may help the government highlight it in its election campaign.
Meanwhile, the government on Tuesday appointed Usha Ananthasubramanian as the Chairperson and Managing Director of the bank. Prior to this, she was serving as an executive director with the Punjab National Bank. She was also a part of the five-member committee formed for examination of the blue-print and other issues for setting up of the women’s bank.
The government earlier wanted to inaugurate the bank from its headquarters in Delhi but could not secure permission from the Election Commission, as polls in Delhi are due on December 4. The Delhi launch will now happen after the elections along with Jaipur and Indore. Madhya Pradesh will go to the elections on November 25, while polls will be held in Rajasthan on December 1.
In Budget 2013-14, the finance minister had first announced the setting up of the women’s bank with an initial capital of Rs 1,000 crore. The capital was provided for in the first supplementary demand for grants. While, the bank’s key objective is to focus on the banking needs of women and promote their economic empowerment, it can also have some male employees and lend to men in some cases.
