India Finance Minister to set up women only bank

India’s finance minister has announced plans to set up the country’s first ever women only bank. P Chidambaram says he hopes that it will be granted a license by October.

Supporters hope it will help women establish businesses and give them financial independence. But not everyone is a fan.

“No, no. I feel it is a very cheap and meaningless gimmick. I find it very strange. I never felt unsafe in a mixed bank. I do not think its necessary,” says Rina Nag, who has spent her life working in a bank.

Women’s rights have been at the center of a heated debate in India following the gang rape and murder of a 23-year-old woman in Delhi late last year. The government is hoping that the $200 million it’s investing to set up the banks signals a committment to women’s issues and helps produce a new generation of Indian businesswomen.