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The rapidly increasing share of women-power in the country’s banking economy has come to the fore in the latest RBI-SBI report. According to this, incremental deposits in banks by women of India more than doubled in a year. The share of rural women in these deposits reached 66 percent.
According to the report, the share of women in incremental deposits at the national level has increased from 15 per cent in 2021 to 35 per cent in 2022. The share of women in rural India’s depositors increased from 24 per cent in 2021 to the highest at 66 per cent. There was a change of about 43 percent in one year.
Similarly, their share in the metropolitan category increased from 10 per cent in 2021 to 28 per cent. It has increased from 21 to 32 percent in urban areas and from 22 percent to 41 percent in suburban areas.
Took more loans in many areas
- Women got 28.3 percent loans in agriculture in 2022, it was 27.2 percent in 2021
- 34.6 percent personal loan received for education, this is higher than last year’s 33.9 percent
- Their share in business loans increased from 27.9 per cent to 28.5 per cent.
This result will have far-reaching effect
SBI Group Chief Economic Adviser Soumya Kanti Ghosh said that the rapid empowerment of women is visible in this report.
- Union Finance Minister Nirmala Sitharaman attributed this to women-led economic growth and policies focused on them. Said, changes in this direction had started with the PM Jan Dhan Yojana that came in 2014. Financial inclusion of women has accelerated and they have benefited from many government schemes.
- The country’s Skill Development and Entrepreneurship Minister Dharmendra Pradhan credited various schemes of the Center for filling the gender gap in financial inclusion and women empowerment.
The report also revealed
Deposits in banks decreased as compared to the previous year. It fell 10 percent in March 2022.
- However, in terms of deposits, current account grew by 10.9, savings account by 13.3 and term deposits by 7.9 percent.
- Current account and savings account (CASA) deposits accounted for 44.8 per cent of total deposits in March 2022, up from 41.7 per cent three years ago.
- Seven states and union territories of Maharashtra, Delhi-NCT, Uttar Pradesh, Karnataka, Tamil Nadu, West Bengal and Gujarat accounted for 63.3 percent of the country’s bank deposits.