Budget 2013: India's first all-women bank to be set up by October

India is all set to get an all-women bank by 2013 with the government announcing an initial capital of Rs 1,000 crore for the purpose. Announcing the Budget proposals for 2013-14, Finance Minister P Chidambaram said the bank is likely to be set by October, 2013.

"I...propose to set up India's first women bank as the public sector. I shall provide Rs 1,000 crore as initial capital. I hope to obtain the necessary approval and banking licence by October, 2013," he said. The proposed bank will lend mostly to women and women run businesses, support women SHGs and women's livelihood, he said.

It will employ predominately women which addresses the gender related issues and empowerment and financial inclusion, he added.

Budget 2013: Mobile phones priced above Rs 2,000 may get costlier

In the 2013 Union Budget presented on 28th Feb 2013, Finance Mininter P Chidambaram has proposed an increase in excise duty on mobile phones priced above Rs 2,000 from the existing 1 per cent to 6 per cent.

This surge in excise duty may lead to increase in prices of mobile phones that carry a price tag of more than Rs 2,000.

"The increase in the excise duty on mobile phones will not have a positive impact on the mobile industry and should lead to an increase in prices for end consumers," said Asim Warsi, VP, Samsung Mobile.

However, the excise duty on the phones below Rs 2,000 will remain unchanged.