Mumbai, Nov 29 (IANS): Around a year after its startup the all-woman operated Bhartiya Mahila Bank Saturday said it will target a deposit base of Rs.1,000 crore by the end of the current fiscal.

The bank was inaugurated last November by then prime minister Manmohan Singh with an initial capital of Rs.1,000 crore. Currently, the bank's deposits stand at over Rs.300 crore and loans at Rs.500 crore.

"For this year, we are aiming at advances of Rs.800 crore and deposits of Rs.1,000 crore," Usha Ananthasubramanian, the bank's chairman and managing director, told reporters after launching its 35th branch here.

According to Ananthasubramanian, the bank is looking to increase its network to 80 branches by March 2015, with high focus on opening branches in tier II and III cities.

The bank was set up to promote woman's economic empowerment.

The cabinet had cleared the proposal for setting up of all-women bank on August 2013. Former Finance Minister P. Chidambaram also mentioned about the bank in his 2013-14 budget speech.