India is in the middle of a financial transformation and women are playing a far bigger role in it than ever before. For decades, women were largely excluded from savings, credit, and investment tools because of limited access to the formal banking system. That picture is finally changing, thanks to mobile technology, digital banking, and targeted government programs. Today it is not just about opening bank accounts anymore. Women are actively using financial products – saving, borrowing, investing – and that is quietly reshaping households, small businesses, and even the larger economy.
The Numbers Tell the Story
The shift is visible in hard data. The Reserve Bank of India’s Financial Inclusion Index jumped from 43.4 in 2017 to 64.2 in 2024, with women driving much of that growth. Under the Pradhan Mantri Jan Dhan Yojana (PMJDY), over 500 million accounts have been opened since 2014 and 55% of them belong to women. By 2024, nearly 250 million women held Jan Dhan accounts, making it one of the world’s largest financial inclusion campaigns.
Digital adoption has been equally striking. UPI transactions touched ₹80.79 trillion in early 2024, growing at a staggering annual rate of 147%. Women now account for more than 30% of those transactions – an 18% jump in just a few years. Back in 2014, only 43% of Indian women over 15 even had a bank account; by 2024, that number had risen to 78%.
And it’s not just an urban phenomenon. NPCI data shows that rural women’s digital transactions went up by 22% in just two years, proving that technology is breaking barriers where traditional banks still haven’t reached.
Technology as the Game-Changer
This revolution wouldn’t be possible without technology. Today, six out of ten women own a smartphone, giving them access to banking and payments at their fingertips. For women in remote areas, digital tools reduce the paperwork, travel, and intimidation that often discourage them from engaging with banks.
For small traders, dairy farmers, or home-based tailors, digital payments mean direct control over earnings – no longer dependent on male family members to handle money. The ripple effect is powerful. A McKinsey study estimates that narrowing the gender gap in digital finance could add $700 billion to India’s GDP by 2025.
Policy Push and Government Initiatives
Behind the numbers is a strong policy push. Several government schemes have specifically targeted women:
- Mudra Yojana: 69% of microloans have gone to women-led businesses in retail, dairy, and small-scale services.
- Self-Help Groups (SHGs): Over 10 million women are members; half had accessed loans for enterprises by 2023.
- Banking Sakhis: More than 100,000 trained female correspondents now help rural households open accounts, apply for loans, and access subsidies.
- Stand-Up India: By 2023, 84% of approved loans had gone to women entrepreneurs.
- Gender Budgeting: In the 2025–26 budget, $55.2 billion (8.8% of total spending) was earmarked for women-specific programs.
The results are visible. Easier access to finance and credit has nudged more women into the workforce. Female labor participation, which was just 22% in 2017–18, crossed 40% in 2023–24.
The Roadblocks That Remain
Progress aside, challenges are far from over. Around 32% of women’s accounts remain inactive due to limited literacy, lack of confidence, or social constraints. Women are still 9% less likely than men to actively transact. There is also the question of credit gap – only 7% of MSME credit flows to women, even though nearly 80% of women-owned businesses are self-financed. Loan sizes remain small, and collateral demands keep many excluded.
Digital divide is still wide. Millions of women still lack smartphones or reliable internet. Women micro-entrepreneurs are 34% less likely to use phones for work and 45% less likely to adopt digital tools compared to men.
Beyond Access: What Financial Independence Really Means
Having a bank account is just the start. For true financial independence, women need: planning for long-term goals like retirement or children’s education, building emergency funds for unforeseen events, making informed investment choices rather than relying only on traditional, low-return products and confidence in handling core money tasks — from budgeting to investing.
But insecurity remains high. The Women & Finances Survey 2025, which spoke to over 800 women across India, revealed some telling insights: 46.1% worry they don’t have enough for emergencies, 62.7% feel unsure about meeting personal goals, 20.4% struggle to save at all, only 9.3% said they had no financial concerns.
When it comes to investments, traditional products still dominate – fixed deposits & insurance at 31.9%,
mutual funds at 38.9%, gold at 18.2%, and finally shares at 10.9%. This shows that while more women are entering the financial mainstream, risk-taking and long-term planning still lag behind.
The last bit
