The government of India reportedly has plans to create a bank that will exclusively serve women, lending mostly to women-run businesses as well as self-help groups of a dozen or a few dozen women. According to a statement attributed to Indian Finance Minister Palaniappan Chidambaram, the government will give the state-owned bank INR 10 billion (USD 183 million) in start-up capital and will obtain a lending license by October 2013. The bank will be run by women.
A women’s empowerment fund, the Nirbhaya Fund, will also be established by the government with INR 10 billion (USD 183 million). The Ministry of Women and Child Development, a government branch that administers laws regarding women and child development, will be in charge of assessing priorities. Further details have yet to be released.
The new bank and empowerment fund are a reaction to recent incidents of violence against women in the country, including sexual violence, female feticide and human trafficking. According to Mr Chidambaram, “we have a collective responsibility to ensure the dignity and safety of women.”
By Charlotte Newman, Research Associate
Sources and Additional Resources:
Bloomberg: “India Pledges $370m to Start Women’s Bank, Promote Safety,” http://www.bloomberg.com/news/2013-02-28/india-pledges-370-million-to-start-women-s-bank-promote-safety.html
MicroCapital.org story, March 25, 2013, “MICROCAPITAL BRIEF: Karnataka State Government Launches Mysore City Street Vendors Multipurpose Cooperative Society to Provide Loans to Indian Street Vendors,” https://www.microcapital.org/microcapital-brief-karnataka-state-government-launches-mysore-city-street-vendors-multipurpose-cooperative-society-to-provide-loans-to-indian-street-vendors/
MicroCapital.org story, March 24, 2013, “MICROCAPITAL BRIEF: Pro Mujer Bolivia, Deutsche Gesellschaft fur Internationale Zusammenarbeit GmbH (GIZ) Partner to Raise Awareness of Violene Against Women,” https://www.microcapital.org/microcapital-brief-pro-mujer-bolivia-deutsche-gesellschaft-fur-internationale-zusammenarbeit-gmbh-giz-partner-to-raise-awareness-of-violence-against-women/
MicroCapital.org story, October 3, 2012, “MICROFINANCE PUBLICATION ROUND-UP: Microfinance and Witch Hunts in India; Poverty Scorecard for Myanmar; Andhra Pradesh Clients Post-Microfinance Crisis,” https://www.microcapital.org/microfinance-publication-round-up-microfinance-and-witch-hunts-in-india-poverty-scorecard-for-myanmar-andhra-pradesh-clients-post-microfinance-crisis/
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