The Union Finance Minister, Shri P. Chidambaram in his Budget Speech 2013-14 had proposed to set-up India’s First Women’s Bank as a Public Sector Bank. He had also provided Rs. 1000 crore as initial capital.

In order to prepare a Blueprint for the aforesaid Bank, the Ministry of Finance has constituted a Committee as follows:

1. Shri M.B.N. Rao, Ex-CMD, Canara Bank Chairperson

2. Shri M.D. Mallya, Ex-CMD, Bank of Baroda

3. Ms. Jayshree Vyas, MD, SEWA

4. Mrs. Arundhati Bhattacharya, MD & CEO, SBI Caps

5. Mrs. Usha Ananthasubramaniam, ED, PNB

6. Dr. K. Ramakrishna, Chief Executive, Indian Banks’ Association

The said Committee is to submit its report by 30th April, 2013. The Finance Minister Shri Chidambaram had also mentioned in his Budget Speech that necessary approvals including banking licence etc, will be obtained by October, 2013. The Bank is expected to start functioning from November, 2013.

DSM/RS/ka

(Release ID :93324)