FINANCIAL INCLUSION OF WOMEN: BARRIERS, CHALLENGES, AND POLICY INTERVENTIONS IN INDIA

Abstract

Restricted access to credit creates barriers to womens economic empowerment and their ability to contribute fully to societys economic growth. Historically, Indian women have had limited opportunities to obtain formal financial services. Promoting womens control over financial resources is essential for achieving gender equality, reducing poverty, and driving economic development of the country. This study presents a data driven analysis of workforce participation, bank deposits, decision making powers, ownership of assets and access to microcredit of women in India. The paper discusses the socio cultural, economic and institutional barriers that hamper womens access to various credit sources and examines the role of various policy initiatives introduced by the government. The study concludes that despite improvements there are significant gaps in financial inclusion of women in India and more targeted efforts are required to bridge the gaps.