Budget 2013: Proposed Women's Bank doesn't need special permission: RBI

Reserve Bank Deputy Governor Anand Sinha today said the proposed All-Women bank may not take much time to come up as this would fall under the ambit of the already existing public sector bank guidelines.

"If you see the Budget speech, this is to be set up as a public sector bank, therefore, there is no need for separate guidelines and it is not being covered under new bank guidelines," he told reporters at the Reserve Bank
headquarters here in the customary post-budget press meet. Sinha handles the banking operations and development department. The Reserve Bank had last Friday floated the final guidelines for new bank licences, wherein it allowed both private and state-run bodies to float new banks. Earlier in the day, Finance Minister P Chidambaram surprised everyone by announcing a bank exclusively for women and allocated Rs 1,000 crore as the initial capital for the proposed lender. "I hope to obtain the necessary approvals and the banking licence by October 2013," Chidambaram said in his Budget speech. Sinha also welcomed the move to include private sector and other scheduled banks under the short-term interest subvention scheme saying it will create a level playing field between the lenders. "At least, this creates a level playing field and they can go out and set up the business," he said.