According to the Reserve Bank of India’s (RBI) most recent report, India’s women demonstrate a higher propensity for saving, with the percentage of women depositers continuing to rise to 20.5 per cent during March 2023 (FY23). Women constitute 39 per cent (37 lakh crore) of all individual deposits, of which senior women citizens (age 60 and above) accounted for 36 per cent (13.2 lakh crore) of individual women deposits and 7.2 per cent of total deposits for the year. According to the state-level per capita change in women deposits in states such as Goa, Karnataka, Haryana, Kerala, Uttarakhand, Gujarat, Himachal Pradesh, Punjab, and Maharashtra have seen more than ₹10,000 change in the last five years.
It’s interesting to note that the incremental annual deposits of ₹17.6 lakh crore drove a 10.2 per cent increase in the scheduled commercial banks’ total deposits. However, over the course of the year, the percentage of individual deposits dropped.
According to the RBI, the reason for the increase in women saving is due to the efforts taken by the government to empower women. The spike especially reflects in the rural areas, with the overall per capita deposits by women having increased by ₹4618 in the last five years. Post pandemic, there has been a 30 per cent rise in the share of women deposits in rural areas. As anticipated, regional rural banks continue to play a significant role in driving up women’s deposits, contributing 50 per cent of all new deposits made at RRBs (Regional Rural Banks) between FY (Financial Year) 19 and FY23.
Credit to women consumers has grown in nearly all major industries, including agriculture, industry and trade, between FY19 and FY23. However, the proportion of women in the area of personal loans has been the same. During FY19–FY23, women received 25.4 per cent of all credit, an incremental rise, with the largest shares going to commerce, education and agriculture. The Pradhan Mantri Mudra Yojana offers small and micro businesses collateral-free loans of up to ₹10 lakhs, in an effort to increase the financial inclusion of women.