FINANCE TIP OF THE DAY
Can you afford your loan?!
Know the quantity of loan you can afford. The banks may sanction loan based on your income but you should look at your monthly expenditure and see if you can afford the maximum that banks offer. As a thumb rule, remember not to let your credit exceed 40% of your income!
First Women’s Bank in India!
Women had their own expectations from the union budget, be it working women or a home maker. They are the ones who actually experience the effects of the budget as their home budgets are to be framed based on this.
While women were expecting for a higher expectation on taxes, reduction of prices on other commodities etc. here comes the breaking news. The finance minister has announced the set up of India’s first women’s bank. The bank is said to be a Public Sector Bank and Rs 1,000 crore has been allocated as the initial capital to start the first all-woman bank in the country.
The bank will be run mostly by women and it would provide funds for the entrepreneurial initiatives by women. The bank is expected to begin its operations by October 2013 and it will support the SHGs and women’s livelihood. The finance minister said that the employments of women predominantly in the bank will address the issues related to gender discrimination and will lead to the empowerment of women.
There is still not much clarity on what will be the specific features of this bank, how many branches, locations etc.
On the whole, the first women’s bank is going to increase job opportunities for women and will help in the emergence of many women entrepreneurs in the country.