Prime Minister Dr. Manmohan Singh and UPA Chairperson, Mrs. Sonia Gandhi today inaugurated India’s first all-women bank, Bharatiya Mahila Bank in Mumbai. The bank will commence operations with an initial capital of one thousand crore rupees. The main objectives of the bank will be to focus on the banking needs of women and to promote their economic empowerment.

Speaking on the occasion, Prime Minister expressed hope that the Mahila Bank will provide an easy access to financial and banking services to needy women, which in turn will help in fostering equitable growth. Dr. Singh added that it was indeed befitting that Mahila Bank is being launched on the birth anniversary of one of the tallest leaders of India, Smt. Indira Gandhi.

Addressing the audience, UPA Chairperson, Mrs. Sonia Gandhi said she hoped that the Bharatiya Mahila Bank will work as a catalyst in ensuring greater gender justice and equality.

The Finance Minister P Chidambaram who was also present on the occasion said the Mahila Bank is not only a symbol but the substance of empowerment of women. He said Bharatiya Mahila Bank will will establish branches all over the country and, in due course, some branches abroad.