Empowering Women through Financial Inclusion: Insights from the Banking Sector in India

Abstract

Economists contend that the development process is at risk if it is not actively fostered. Given the observation that women possess exceptional financial management skills, the concept of “economic empowerment of women” has emerged as a key strategy to promote their overall empowerment. Enhancing women’s empowerment in economies, especially in emerging countries, greatly relies on education, skill development, employment, and fostering entrepreneurship. Bank financing is an important tool that contributes significantly to the economic empowerment of women. With this reasoning in mind, the current article focuses on the role of banks in promoting the economic empowerment of women, specifically in India. The study of the article relies only on secondary sources of information, which were obtained from several daily English newspapers as well as yearly reports and research studies from banks in India. This research seeks to scrutinise and clarify the strategies and initiatives formulated and implemented by banks, including SIDBI and Bharatiya Mahila Bank, which has the distinction of being the first bank to have women in all positions. The report emphasises the active participation of several banks in empowering women by offering a range of financial solutions. It presents advantageous initiatives and activities designed to facilitate women’s access to bank financing for their economic development. The report suggests that governments should contemplate recognising the “Right to bank credit” as a basic entitlement for women.