A six-member committee under the chairmanship of M. B. N. Rao, former Chairman and Managing Director of Canara Bank, has been set up to prepare a blueprint for the first all-woman’s bank.
This committee has been asked to submit its report by April 30, Finance Minister P. Chidambaram said here on Friday.
Chidambaram had in his recent Budget speech proposed to set up India’s first women’s bank as a public sector bank.
He had also provided Rs 1,000 crore as initial capital.
The other members of the committee set up today are: M. D. Mallya, Ex-CMD, Bank of Baroda; Jayshree Vyas, Managing Director, SEWA; Arundhati Bhattacharya, MD and CEO, SBI Caps; Usha Ananthasubramaniam, Executive Director, Punjab National Bank; and K. Ramakrishna, Chief Executive, Indian Banks’ Association.
Necessary approvals, including banking licence, are likely to be obtained by October 2013.
The bank is expected to start functioning from November, Chidambaram said.