According to the latest RBI data in ‘Quarterly Basic Statistical Returns (BSR)-1: Outstanding Credit of Scheduled Commercial Banks (SCBs)’, women’s share in both bank deposits and credit has improved in 2021-22. In the given period, bank credit to women borrowers was 22.5 per cent of total loans to individuals, as against 19.5 per cent five years ago.
“The women’s share is increasing in all the Government-sponsored schemes. The share of women stands at 81% in Stand-up India, 71% in MUDRA loans, 37% in PMSBY and 27% in PMJJBY, which is encouraging,” S K Ghosh group chief economic advisor, State Bank of India NSE -0.02 % revealed.
In fact, what is worth noting is that the share of women bankers making incremental bank deposits increased a whopping 20 per cent, going up to 35 per cent from 15 per cent in FY21. Even in incremental rural deposits, the share of women has increased considerably from 37 per cent in FY20 to 66 per cent in FY22.
The report also points out that since 2014, the financial position of women in India has been improving, supported by several policies, missions and schemes. The number of women depositors, as well as borrowers, is increasing in the country, which is a good sign of financialisation.
Pradhan Mantri Jan Dhan Yojana (PMJDY) along with other schemes such as MUDRA loan, Sukanya Samriddhi, Women scholarships, Ujjawala etc. are supporting women’s financial independence.
According to the report, the share of women in government-sponsored schemes is heartening: 81 per cent in Stand-Up India, 71 per cent in MUDRA loans, 37 per cent in PMSBY and 27 per cent in PMJJBY.