India's first women bank to be set up

Last Updated: Thu, Feb 28, 2013 07:54 hrs

New Delhi: Finance Minister P. Chidambaram on Thursday proposed to approve India's first women bank as a public sector bank.

Chidambaram, who is presenting the Union Budget for 2013-14 in Parliament, announced Rs. 100 crore as initial capital for women bank.

The Finance Minister announced that housing loan for first time loan takers of up to Rs 25 lakh would get additional deduction of interest of up to Rs 1 lakh in 2013-14.

Chidambaram noted that the global economic growth has slowed, including that of India. He, however, added that high growth is a novelty and not beyond India's capacity.

Chidambaram is presenting his historic eighth budget in Parliament now.

The nation's expectations are running high on what the Finance Minister has in store. The individual taxpayers are also looking forward to some relief from today's General Budget.

This budget is significant as it is the last one before the nation faces the next Lok Sabha polls due to take place in April-May next year. (ANI)

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