Home News bank deposits: Women improve their share in both bank deposits as well as credit

bank deposits: Women improve their share in both bank deposits as well as credit

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bank deposits: Women improve their share in both bank deposits as well as credit

As women’s voice in financial decision-making continues to grow, women are doing a great job instilling banking habits. The latest RBI data shows that they managed to increase their share of deposits and loans.

According to the recently released Basic Statistical Return (BSR) by the Reserve Bank of India, bank credit for female borrowers accounted for 22.5% of personal bank loans in 2021-22, up from 19.5% five years ago.

Public sector banks are doing a lot because of the government push. “The proportion of women is increasing in all government sponsored schemes. In Stand-up India it is 81%, in MUDRA loans 71%, in PMSBY 37% and in PMJJBY 27% , which is encouraging,” said SK Ghosh, the group’s chief economic adviser,

. BSR data shows that the share of female savers in new bank deposits in FY22 increased to 35% from 15% in FY21, an increase of 20 percentage points.

The share of female depositors in new rural deposits increased from 37% in FY20 to 66% in FY22. According to Ecowrap, rural areas are not far behind, and semi-urban areas are not far behind.

economist. Interestingly, as some states mandate that monetary resources can only be transferred to female savers, the percentage of female savers may continue to be active in bank deposits.

The SBI report states that the financialization of women is gaining traction with the advent of PMJDY since 2014. There has been an increase in both female depositors and female borrowers in the country as the government has implemented many policies/tasks based on the female life cycle approach over the past 8 years. Programs such as MUDRA Loans, Sukanya Samriddhi, Women’s Scholarships, Ujjawala, and PMJDY provide women with various financial tools. Interestingly, the proportion of women has increased across all government-funded programs. It said that the percentage of women is 81% in Stand-Up India, 71% in MUDRA loans, 37% in PMSBY and 27% in PMJJBY, which is encouraging.

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