India is ready for its first public sector all-women bank by October this year with the government announcing an initial capital outlay of Rs. 1,000 crore for this purpose. This was part of the budget proposals for 2013-14.
The necessary approvals and banking licences are expected by October, 2013. The proposed bank will give loans mostly to women and women-run businesses, support women Self Help Groups (SHGs) and women livelihoods.