In a big development, Union Finance Minister P Chidambaram has announced the setting up of India’s first Women’s Bank, which will get the final approval by October 2013. An initial capital of Rs 1,000 crore will be allocated for the women’s bank.

It was announced by Chidambaram during his 2013-14 budget speech. Congress President Sonia Gandhi and Leader of Opposition in Lok Sabha, Sushma Swaraj thumped the table to welcome the announcement – a big victory for the Finance Minister. In addition, he also infused Rs 14,000 crore into the PSU banks.