Women now hold nearly 40 per cent of all bank accounts in the nation, as per the latest figures released by the Ministry of Statistics and Programme Implementation (MoSPI) on April 6, 2025. This is a major milestone towards financial inclusion, particularly in rural regions, but the figures also indicate that the difference in usage of financial services between men and women still exists.
The data mentioned in the publication titled Women and Men in India 2024: Selected Indicators and Data says the share of women's bank accounts grew to 39.6 per cent in 2022–23 from 34.6 per cent in 2017–18. This five-percentage point growth over five years is an indicator that initiatives such as Jan Dhan Yojana and other financial inclusion initiatives have enabled more women to become part of the formal banking sector.
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However, data also indicates that the possession of a bank account does not equate to equal access to or utilisation of financial services. For example, 55.7 per cent of female individuals aged 15 years and older were using their bank account during the previous year compared to 65.2 per cent of male participants. In that case, even though a lot of women possess accounts, there are fewer who use them for financial transactions such as deposits, withdrawals, or electronic payments.
The gender inequality in financial inclusion is also evident in digital transactions. While 47.1 per cent of men claimed to have used their account digitally, only 31.2 per cent of women did the same. The gap is more pronounced in rural regions, where fewer women access smartphones or the internet and are less aware of digital banking facilities.
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MoSPI also reports variations in financial access based on states. Some southern states such as Tamil Nadu and Kerala indicated greater degrees of financial inclusion among women while a few states in the north and east remained behind. The role of education cannot be undermined. Women having more education availed themselves more of banking channels, including e-channels, compared to lesser-educated women who had only a basic education.
On the savings front, 64.4 per cent of women aged 15 and older reported having saved in the previous year, as opposed to 72.6 per cent of men. But when it came to borrowing, just 15.7 per cent of women reported having borrowed a loan in the previous year, as opposed to 19.4 per cent of men. This indicates that although saving habits are gradually improving among women, access to formal credit is low.
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Another fascinating point is how there is a variation in decision-making on money. Approximately 45.9 per cent of women reported having some say in family financial decisions, whereas 73.8 per cent of men did. This also means that even if women do have bank accounts, their part in managing money in the house is minimised.
Working women had a larger proportion of service usage of banks compared to other women who didn't work. Status of work, mobility, and computer-literacy were indicated as significant indicators of financial expenditure patterns among females.
In urban regions, the difference between men and women in bank account ownership is smaller. In this region, 82.6 per cent of women and 86.8 per cent of men claimed that they owned a bank account. However, in rural regions, the difference is greater, with 74.1 per cent of women and 83.3 per cent of men owning accounts.
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Although the growth of bank account ownership by women is a welcome sign, the MoSPI data reveals that much still needs to be done in order to make women not only open bank accounts but also make active use of them. Enhancing financial literacy, digital penetration, and enabling women to take financial decisions will be critical to bridging the gap further.
