New Delhi, July 28 -- The Delhi government on Tuesday approved the 'Delhi Lakshmi Yojana', under which eligible women candidates will receive financial assistance every month.

"The Delhi Lakshmi Yojana has been approved by the cabinet, and the portal for this will be launched on August 1," Delhi Chief Minister Rekha Gupta said.

She added that after applications are verified, the government hopes to release the first instalment by Raksha Bandhan.

Women under the Delhi Lakshmi Yojana will be allowed to withdraw only Rs.1,000 of the promised Rs.2,500 monthly assistance, with the remaining Rs.1,500 mandatorily going to a recurring deposit (RD) account, a government official said on Sunday.

The recurring deposit will have a three-year lock...