Women Represent 55% of all PMJDY Beneficiaries finds SBI Report

By: WE Staff | Monday, 31 July 2023

According to a report released on Monday by the State Bank of India, women currently make up approximately 55 per cent of all Pradhan Mantri Jan Dhan Yojana (PMJDY) beneficiaries.

In reference to the state-wise rate of participation of women under MGNREGS during FY23, the participation of women in some states is more than 33 per cent whereas in some states it is 57.4 per cent which is below the national average. It also mentioned that southern states comprise more than the national average.

Women PMJDY beneficiaries are also underrepresented in those states where female participation in MGNREGS is comparatively low. Efforts need to be made to make women take participation in MGNREGS in order to bring females under the formal banking system.

According to RBI's most recent report, "Deposits with Scheduled Commercial Banks in March 2023 (BSR 2), the total amount of SCB deposits increased by 10.2 per cent which is in total Rs 17.6 lakh crore annually. In addition to this, the proportion of female customers in total deposits kept rising, reaching 20.5 per cent in the year ending on March 23.

The ecowrap report of SBI states the efforts made by the government towards women's empowerment as the country's per capita female Deposit has raised to Rs 4,618 over the past five years. A majority, of females from rural areas, are making deposits after the pandemic period which is 25 per cent in the financial year 2019 to 30 per cent in the financial year 2023. In all India level incremental deposits between FY19 and FY23 women's deposits made up to 26 per cent whereas the women's deposits in the rural areas were 41 per cent.

According to another data, the RRBs play a significant role in the growth of women's share of deposits. 50 per cent of the additional deposits that have been made in the RRBs between FY19 and FY23 are made by women.

India's some of the major states have witnessed an increase in deposits for women of more than Rs 10,000 over the previous five years and in the past nine years, women's share of individual credit has also increased by 4.7 per cent.