In a revealing statistic, women in India hold only 20.8% of the total money in bank accounts, despite owning 36.4% of all bank accounts in the country. This data comes from the latest "Men and Women" report published by the National Statistical Office (NSO). With 917.7 million bank accounts registered under women's names, the total amount they collectively hold stands at ₹39 trillion, out of the total ₹187 trillion in bank deposits across India.
Despite the significant number of bank accounts held by women, the disparity in the amount of money they control is stark. The ₹39 trillion held by women account holders represents just a fifth of the total bank deposits in the country. This figure includes a wide range of account types, such as those held by Hindu undivided families, resident individuals, farmers, traders, professionals, self-employed individuals, wage and salary earners, and others.
Interestingly, the data highlights a significant difference between rural and urban women regarding bank deposits. In urban areas, only 16.5% of the total deposits, amounting to ₹1.9 trillion, belong to women. In contrast, rural women hold 30% of the total deposits, amounting to ₹5.91 trillion. This notable difference can be attributed to the widespread proliferation of Jan Dhan accounts in rural areas, which have empowered more rural women to manage their finances and increase their savings.
While the banking sector reveals a gender disparity in deposits, the corporate world presents a mixed picture. The number of women in senior management positions has shown growth, rising from 23,685 in 2017 to 34,879 in 2023. However, this progress still pales in comparison to their male counterparts, whose numbers increased from 150,300 to 186,900 during the same period. In senior management roles, women still only account for a fraction, with 34,879 women compared to 186,000 men.
Moreover, the representation of women on corporate boards remains low. A total of 762,000 women are on the board of directors, while men hold 1.9 million positions. Similarly, in the banking sector, women represent only 441,000 employees compared to 1.32 million male employees.
Conclusion: The Path Forward for Financial and Corporate Gender Equality
The data from the National Statistical Office (NSO) report underscores the significant gender disparities that persist in both the financial and corporate sectors in India. While more women have access to bank accounts, the amount of wealth they control is disproportionately low. Similarly, while women have made strides in corporate leadership, their representation is still limited compared to men. Bridging these gaps will require concerted efforts from both the government and the private sector, including financial literacy programs, gender-sensitive policies, and initiatives to promote women in leadership roles.