Mumbai, India (BBN) – India has launched its first state-owned bank for women to improve female financial empowerment in a country where almost three-quarters of women do not have a bank account.
The first branch of the new lender, Bharatiya Mahila Bank, was inaugurated by Indian Prime Minister Manmohan Singh in Mumbai on Tuesday.
The bank was announced in February, when India was still reeling from the fatal gang-rape of a student in the capital.
It focuses on lending to women and aims to employ mostly women, although men will also be able to open accounts.
Currently, only 26 percent of women in India have formal bank accounts. The setting up of the Bharatiya Mahila Bank is a small step towards the economic empowerment of women, the prime minister said.
United Progressive Alliance (UPA) Chairperson Sonia Gandhi, Maharashtra Governor K Sankaranarayanan and Chief Minister Prithiviraj Chavan were also present at the launch.
BBN/SSR/AD-20Nov13-9:00 pm (BST)
