The Indian government launches the first seven branches of the country's all-woman bank, Bharatiya Mahila Bank.

Indian Prime Minister Manmohan Singh has led the launch of India's first all-woman bank in New Delhi, marking a milestone toward the empowerment of women in the country.

Bharatiya Mahila Bank was launched with a seed capital of Rs1,000 crore ($160 million) from the government and will begin with seven branches in major cities, with the goal to reach 25 by March 2014. It will offer special financial products with specific needs of women entrepreneurs in mind. Some of these specific services include funding for a catering business and day care centres. 

In a statement published at the bank's website, Singh said that the government is in the process of amending laws to make them more gender-sensitive and to ultimately address issues of gender discrimination. 

BMB is headed by Usha Ananthasubramanian and has eight members on the board of directors, all of whom are female.