A new bank exclusive for women and headed by Usha Ananthasubramanian, is all set to be inaugurated by the prime minister Manmohan Singh and UPA chairperson Sonia Gandhi on November 19, the birth anniversary of former PM Indira Gandhi. With the model code of conduct in place ahead of Delhi assembly election, India’s first all-women will first start operations in Mumbai as well as seven branches would become operational across the country, including Kolkata, Chennai, Ahemdabad and Guwahati.

The bank’s objective is to focus on the banking needs of women and promote economic empowerment. The bank with initial seed capital of Rs. 1,000 crore contributed by government is headquartered in Delhi. The bank proposes to have 25 branches by the end of March 2014. “Women are heads of many banks today, including two public sector banks, but there is no bank that exclusively serves to 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,” finance minister P. Chidambaram had said.

The former executive director of Punjab National Bank, Ananthasubramanian earlier this week was appointed as the first chairperson and managing director (CMD) of the all-women bank. The government had announced setting up of all-women bank in the budget speech earlier this year. The blueprint for the bank was prepared  by a five-member panel, headed by former Canara Bank CMD MBN Rao. An estimated requirement of 125 officers was finalised for the bank last month. The other public sector banks have also deputed few of its officers to Bharatiya Mahila Bank Ltd.