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, the Prime Minister said he was happy to witness the beginning of a unique institution that will provide financial services predominantly to women and women Self Help Groups. He congratulated the finance ministry for conceiving the idea of all women bank and making it a reality in such a short span of time.

The 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. He said the bank will benefit the less privileged section of women. Dr. Singh said that the bank will focus equally on rural and urban areas and give women an opportunity to participate towards the growth of Indian economy.

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 ocassion 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.

The first Chairperson and Managing Director of Bharatiya Mahila Bank, Mrs. Usha Ananthasubramania, RBI Governor Dr. Raghuram Rajan, board of directors of the Bharatiya Mahila Bank and the first customers were present on the occasion.