New Delhi, Mar 8: The government today set up a six-member committee headed by former Canara Bank chief M. B. N. Rao to prepare blueprint for India's first women's bank in the public sector, for which Rs 1,000 crore initial capital will be provided.
The other members of the committee are M. D. Mallya, former chief of Bank of Baroda, Jayshree Vyas, managing director, SEWA, Arundhati Bhattacharya, chief of SBI Caps, Usha Ananthasubramaniam, executive director, Punjab National Bank and Dr K. Ramakrishna, chief executive, Indian Banks' Association.
The bank is expected to be launched in November this year.
Finance Minister P. Chidambaram in his Budget Speech had proposed the setting up of this women's bank in the public sector.
The committee has been asked to submit its report by April 30. Chidambaram had said in his budget speech that necessary approvals including banking licence, etc, will be obtained by October this year.
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