India's first all-women public sector bank will open soon, Finance Minister P. Chidambaram announced on Thursday.

"Can we have a bank that lends mostly to women and women-run businesses; supports women SHGs (self-help groups) and women's livelihood; employs predominantly women; and addresses gender-related aspects of empowerment and financial inclusion? I think we can," Chidambaram said in his budget speech as MPs cheered the initiative.