India's first All Women Bank- Bhartiya Mahila Bank

Government plans to set up about 25 branches of the proposed public sector Bharatiya Mahila Bank, India's first all women bank, by the end of this fiscal. The government has already approved Rs 1,000 crore seed capital for the women focused public sector bank, announced by Finance Minister P Chidambaram in his budget speech. The bank will be headquartered at New Delhi.

Ex-IMF heavyweight Raghuram Rajan named new RBI chief

• Chief Economic Advisor Raghuram Rajan will be the next Reserve Bank of India (RBI) Governor after incumbent D Subbarao retires in September.
• 50-year old Dr Rajan, a former International Monetary Fund (IMF) Chief Economist was appointed as the Chief Economic Advisor in the Finance Ministry in August last year. He is acclaimed for predicting the 2008 global financial crisis.
• The Indian rupee recovered dramatically on news of Dr. Rajan's appointment after it hit an all-time low of 61.80 and ended in the green at 60.77, wiping off all losses.