The Finance Minister in his Union Budget Speech for the year 2013-14 on February 28, 2013 announced the proposal to set up India™s first Women™s Bank as public sector bank with an initial outlay of Rs. 1,000 crore which can lend mostly to women and women-run businesses, that supports women Self Help Groups (SHGs) and women™s livelihood, that employs predominantly women, and that addresses gender related aspects of empowerment and financial inclusion.
Government has constituted a Committee comprising of eminent bankers to, inter-alia, examine and firm-up the Blue-print of the Bank, including broad policy framework; business model; expansion plan; business strategy etc, of the Bank including the measures to outreach the targeted population of the Bank. The Committee has submitted its report to the Government on 30.04.2013. The Committee has, inter-alia, recommended that women SHGs may be supported by the Women™s Bank to reach out to a wider group of women. To achieve this, the Women™s Bank should provide special credit facilities and training to SHGs and also seek help from SHGs to promote banking.