In the inaugural of a new branch of Canara Bank at Madurai, Union Finance Minister, Mr. P Chidambaram said that the proposed all women bank is aimed at correcting prejudices against women in lending financial assistance by banks.
Mr. Chidambaram said the all-women bank would be started this year with six branches. The branches will be opened in all the states from time to time.
The reason for starting the all-women bank is not because women do not get financial assistance in other banks, but there has been bias and prejudice in granting loans to women.
The proposed all women-bank will lend financial assistance for self-employment, women empowerment and education, Mr. Chidambaram said.
The Reserve Bank of India has planned a capital investment of Rs 500 crore for starting a new bank; yet, the proposed bank will be started with an outlay of Rs 1,000 crore, Mr. Chidambaram said.