FX.co ★ All-women bank to be set up in India

India is going to welcome the first women's bank in late autumn. The country's government approved the initiation of creating the first women-focused financial institution at the Union Cabinet meeting on Thursday. The authorized capital of the Bhartiya Mahila Bank, which will be headquartered in New Delhi, will constitute $160 million. According to the development plan, the bank will have more than 100 branches by 2019. The managing board is planning to recoup the costs in five years. The current state of affairs in India triggered the establishment of a bank that will provide services particularly to women. Indian women have been suffering from gender inequality in the financial field as well. The fact is that the loan conditions for female customers are much stricter. Thanks to such a step and different government programs, this problem will be resolved bit by bit. Now women have the opportunity of having personal financial consultations, using special loan offers, and receiving loans for setting up or running their businesses. The idea proposed by India's authorities is not fresh though. Women's banks have been already successfully operating in several countries. For example, Pakistani women have been using such banks’ services since 1989, and the Tanzanian ones – since 2009.