How to Empower Women's Financial Participation

Women's financial empowerment — _{Image Credit: The Statesman}

A recent report by SBI Ecowrap highlights the growing financial empowerment of women across states. The report mentions that women’s deposits in scheduled commercial banks (SCB) have increased significantly in the last five years. According to RBI’s report on ‘Deposits with Scheduled Commercial Banks’, overall SCB deposits rose by 10.2%, with incremental annual deposits of Rs 17.6 lakh crore.

Although the share of individuals in total deposits declined during the year, the share of women customers in total deposits continued to rise and reached 20.5% by March 2023. This increase is attributed to the government’s efforts towards women empowerment.

The per capita women’s deposits have increased by Rs 4618 in the last five years, with rural areas being the major contributors. Women’s deposits in rural areas accounted for 30% of overall rural deposits in FY23, up from 25% in FY19.

Regional Rural Banks (RRBs) played a significant role in increasing women’s deposits, accounting for a 50% share in incremental deposits during FY19 and FY23.

Age-wise analysis shows that women account for 39% of individual deposits in the age group of 40-60 years.

State-wise analysis indicates that states like Himachal Pradesh, West Bengal, Punjab, Andhra Pradesh, and Bihar had more than 35% share of women in incremental deposits between FY23 and FY19. However, states like Maharashtra, Karnataka, Gujarat, and Telangana had a lower share of women’s deposits.

The report also looks at women’s participation in government schemes. While almost all major states have women participation of more than 33% under MGNREGS, some states fell below the national average of 57.4%. In the Pradhan Mantri Jan Dhan Yojana (PMJDY), 55% of the total beneficiaries are women.
Re-reported from the article originally published in The Statesman