Election Commission allowed the launch of 1st all-women Bharatiya Mahila Bank
The Election Commission has allowed the launch of the first all women Bharatiya Mahila Bank in the country.
The Election Commission of India on 18 November 2013 has allowed the launch of the first all women Bharatiya Mahila Bank. The Government of India has organised the inauguration of the country’s first all women bank in Mumbai, which coincides with the birth anniversary of Indira Gandhi, the former Prime Minister of India.
Although, the government has been asked by the Election Commission not to open its branches in Delhi and Madhya Pradesh and neither do publicity of the bank in these poll-bound states. As it will be the violation of the Model Code of Conduct in force in the two places.
Headquartered in Delhi, the bank has proposed to have 25 branches by 31 March 2014. The Bank will be set up with the initial capital of 1000 crore rupees. The finance minister had announced the setting up of the all-woman bank in his Budget speech of 2013. The in-principal approval for the Bharatiya Mahila Bank was given by the Reserve Bank in June 2013. Usha Ananthasubramanian was appointed as the bank's Chairperson and Managing Director by the Government.
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