Gender budgeting is not a ‘one-fit-for all ‘ solution in the agenda of woman empowerment. Nor are national level policies and directives, by themselves, helpful in achieving these objectives, as demonstrated by the RBI guidelines and their implementation. Under a regime of cooperative federalism, the initiatives have to come from the sub national and regional levels. In this context, the role of the Central Government, and the Central agencies should be as promoters of knowledge creation and diffusion. At the institutional level, the introduction of a regime of voluntary standards, along with broad regulatory measures, may help to some extent.