Budget 2013-14: India to get all-women public sector bank

In a bid to empower women, Finance Minister P.Chidambaram announced on Thursday that India's first all-women public sector bank will open soon. The announcement is seen as a move to foster entrepreneurship among women. He made the announcement while presenting his Union Budget for the year 2013.

"I announce the setting up of India's first women public sector bank with the initial fund of Rs.1,000 crore (10 billion)," Chidambaram said in his budget speech.

The initiative was cheered by the MPs.