Women's bank for self-employment, empowerment, education: FM

Union Finance Minister P Chidambaram on Saturday said his budget proposal on setting up the country’s first all-women bank has received good all-round response.

“Though the Reserve Bank Norm says that initial capital of Rs 500 crore is enough to start a bank, the all-women bank would be set up with an initial capital of Rs 1,000 crore,” he said inaugurating Canara Bank’s 3,647th branch at Siravayal in his native district of Sivaganga.

He said his budget announcement on the all-women public sector bank had been welcomed by all sections of the people and the bank would become operational with six branches.The proposed bank will lend financial assistance for self-employment, women empowerment and education, he said.

More from Economy

Inflation likely to be a big focus area for budget 2024, say sources Explained: Will the Bank of Japan break tradition and raise interest rates?

[caption id=“attachment_664934” align=“alignleft” width=“380”] AFP[/caption]

In the budget presented last month, Chidambaram had said the government proposed setting up a bank which will predominately employ and lend to women. Men can, however, deposit in the bank.

Speaking at the function, Chidambaram said he was taking all criticism against him as ‘boosters’ to enhance the performance of the government.

He urged those who had taken loans from banks to repay them so that the banking system would get strengthened and more people could be helped.

Chairman of Canara Bank RK Dubey and Executive Director Ashok Gupta were also present at the meeting.

Later, Chidambaram, elected to Lok Sabha from Sivaganga constituency, held a consultative meeting with the Congress functionaries from various towns in the district.

The minister, earlier, inaugurated community halls, constructed under the MP Local Area Development fund, at Sundaranadappu and Kovil Ilayanthangudi.

PTI