India's first women’s bank to be capitalized at US$159 million

Will also have 25 branches.

The Indian government said the proposed women’s bank, Bharatiya Mahila Bank, will be headquartered at Delhi and is likely to be operational this November. Two of the key objectives of the bank are to focus on the banking needs of women and to promote economic empowerment.

The bank will have its first six branches at Mumbai, Delhi, Kolkata, Chennai, Indore and Guwahati by October 15. It is expected to have 25 branches by March 31, 2014.

The government is also on the look out for locations to set-up the branches, including at Kolkata, Guwahati, Chennai, Bangalore, Jaipur, Lucknow, Mysore and Indore.