Banking Women in India

Women’s rights are an important issue within our country society. It has become a hot-button issue in developing nations also. Our topics of today are the vast nation of India and the ways in which the government is addressing gender inequality, in regards to finance. To preface this, women’s’ rights and the protections afforded to them have been a major issue in India in recent months. This comes in the wake of a brutal gang-rape of a 23 year old female student in Delhi. The injuries from which resulted in her death. This has spurred protests throughout the country. Apparently, the populace feels that women are vulnerable and that the government has done little to protect them.

The government is attempting to make a step forward. In India, only around 26% of women have accounts with financial institutions. Around 48% of the male population has such accounts. The government has tried to remedy the situation by funding banks for women by women. It is an interest concept – create a government funded banking branches for women by women.  Currently there are around 100 of these types of banks in India. The number is to double by the end of next fiscal year. These banks are fully staffed by women and aim to increase the level of access women have to finance. This will put women on more level footing with men financially, but women will remain vulnerable to sexual and physical abuse until the government increases and enforce punishments against offenders.

A developing nation taking such steps is rather inspiring. It can be easily argued that financial independence would lead to greater equity for women. We could then see an increase in female owned businesses in the country. The women of India would develop alongside their country. Women having economic freedom has been linked to a greater number of positive effects other than shear economic growth, such as lower crime rates, higher education scores, and a general increase of human well-being.