Saturday, 2 March 2013

WOMEN BANK IN INDIA: By women for women

Women had their own expectations from the union budget. Considering overall  development about women, finance minister has announced the set up of India’s first women’s bank. There is no bank that exclusively serves women.

Can we have a bank that lends mostly to women and women-run businesses, that supports women SHGs and women's livelihood, that employs predominantly women, and that addresses gender related aspects of empowerment and financial inclusion?

I think we can. I therefore propose to set up India's first women's bank as a public sector bank," Chidambaram said during his budget speech today.

The bank will be run mostly by women and it would provide funds for the entrepreneurial initiatives by women. The bank is expected to begin its operations by October 2013 and it will support the SHGs and women’s livelihood. The finance minister said that the employments of women predominantly in the bank will address the issues related to gender discrimination and will lead to the empowerment of women.
There is still not much clarity on what will be the specific features of this bank, how many branches, locations etc.
The women's bank will not be covered by the Reserve Bank of India's (RBI) new bank licensing guidelines. "If you see the finance minister's speech, this all women bank will be set up as a public sector bank. Therefore, there is no need for separate guidelines. (Also) it is not being covered under the new bank guidelines,"

What dose Research Says??

Research had shown that women were not confident of making financial decisions. They would feel more confident if they could walk into a bank where people would listen and empathize with them. Women are more comfortable with women manages or adviser. Also, a bank run by women means they can go there with out male member of the family.

I am very much optimistic on the current move by PC  favoring women .I think this is a good proposal and no doubt will benefit the women. If women can get easier loans for setting up a business or to improve the home then it will help to improve the economic status of many households since in many families the woman is the sole bread winner. Also in many households the housewife controls the family budget so she may be able to start a home business by getting a loan from the new bank. 

On the whole i have strong believe that , the first women's bank will increase job opportunities for women and will help in the emergence of many women entrepreneurs in the country. But on the other side of coin……. how will it really help the women will be seen in the year to come. Here the irony is that law breakers look out for the loopholes in such policies and people will take the money in the names of their wife and do businesses. So this policy needs to consider all this loopholes.

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