India has set its eyes on becoming a developed nation by 2047. For this dream of Viksit Bharat to be realised, the journey cannot be one of growth for a few. It has to be inclusive, with opportunities that reach every household. Financial literacy is one of the most powerful levers for driving equitable growth. Its purpose extends well beyond opening bank accounts or accessing credit. At its core, financial literacy equips individuals with the knowledge and skills to make informed financial decisions, fostering meaningful financial inclusion and long-term economic well-being. More importantly, it requires looking at finance through a gender lens and asking: are women and men able to participate equally, and benefit equally, from financial opportunities? We need to understand why that question matters, and how access, equity, and gender-responsive systems can shape India’s growth story.
Trainers conducting hands-on financial literacy sessions for local women
The transformative impact of access to finance
For a household with limited resources, even small savings can create resilience. Setting aside a few rupees each week allows families to manage emergencies without falling into debt. This is where Self-Help Groups (SHGs) play a vital role — not only by encouraging thrift but also by building a sense of collective discipline and confidence among women.
Kiran Devi, 35, from Afazlpur Puraina Village, Bihar, shows how small savings and knowledge can build confidence and leadership. After joining Swadhaar’s Financial Literacy Programme, she began saving and enrolled in two government-backed insurance schemes – Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). She later encouraged neighbours and relatives to do the same, showing how financial awareness can inspire communities.
Kiran confidently leading her community toward financial awareness
From this base of savings, access to credit becomes the next step. A loan can bring the difference between being stuck with insufficient funds and being able to dream. Over the past decade, schemes like the Pradhan Mantri Mudra Yojana (PMMY) and the SHG-bank linkage program have brought millions into the fold of formal finance.
Today, more than 52 crore Mudra loan accounts have been opened. What is striking is that close to 68% of these accounts are in the names of women. The average loan size has also grown significantly — from around ₹38,000 a decade ago to over ₹1 lakh in recent years.
On the SHG side, nearly 9.9 crore women are linked to 89 lakh groups, and banks have disbursed more than ₹11 lakh crore in loans with consistently high repayment rates.
Highlighting the power of awareness and action, Anita Devi, 38, from Akodhi village in Bihar, had always managed her household finances but didn’t know about key welfare schemes. After attending a financial literacy session, she enrolled in PMSBY and helped neighbouring women to do the same.
Anita empowering local women by sharing knowledge about financial schemes
In another instance of taking initiative, Ishrat Nazar, 30, from Mankhurd, Maharashtra, wanted to save for her daughters’ future but didn’t know how. During the training, she learned about the Sukanya Samriddhi Yojana (SSY) and, with adequate support, opened accounts for her daughters.
Ishrat taking steps to secure her daughters’ futures through savings and education
Financial literacy doesn’t just help women save; it also helps them stay protected. For many working women, insurance becomes the foundation of financial security.
Rinki Kumari, 30, from Ramgarh district, Jharkhand, works in a field-based role that requires frequent travel between villages. Aware of the risks involved in her work, she understood the importance of insurance but lacked information about available social security schemes.
Rinki ensuring her financial security while balancing a demanding field job
In March 2025, Rinki attended a Financial Literacy Programme, during which she shared concerns about not having any insurance coverage. With adequate guidance, she enrolled in PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana) and PMSBY, enabling her to secure her financial safety while continuing work with confidence.
These stories remind us that inclusion is not only about numbers. A loan on paper becomes, in reality, a new roof, a shop expansion, a daughter’s school fees, or simply the confidence to say “I can manage.”
The multiplier effect of investing in women
There is a reason why economists often call women “force multipliers” in development. Studies show that women reinvest up to 90% of their earnings back into their households and communities, compared to about a third for men. In practice, this means better nutrition, children staying in school, and families having a cushion in times of crisis.
India’s own data echoes this. Women are steadily increasing their share in savings, SIPs, and other investments. Between 2019 and 2024, the number of women accessing retail credit grew at an annual rate of over 20%. And in Mudra loans, women have consistently been the largest group of borrowers.
As Swadhaar’s CEO Amrita Kapoor notes, “We at Swadhaar believe that a woman is the fulcrum of the household. When she becomes financially educated and empowered, then she empowers the family, the village and entire communities.” This is why a gender lens is not about creating a “women-only” argument. It is about recognising a tested and proven fact: when women grow, the whole community grows with them.
Persistent gaps and systemic barriers
Progress, however, is still uneven. Many women continue to face barriers that prevent them from fully benefiting from financial systems.
On paper, the account ownership gap is narrowing. Yet, over half of women’s accounts remain dormant, with no transactions in a year. Credit gaps are wider: women often lack collateral or formal property ownership, which keeps them from accessing larger loans. Social norms also limit mobility and confidence, while the presence of fewer women correspondents in the financial system makes access harder.
Amrita explains, “Using a gender lens in financial inclusion goes beyond talking about women’s empowerment. It means recognizing how gender shapes access — from the hesitation women feel in approaching male bank staff, to being excluded for lack of collateral. Swadhaar helps bridge these gaps by building confidence, offering relatable training, and making financial and digital systems easier to navigate.”
Woman learning about financial schemes during a financial literacy session
These barriers are not only structural but also social. Narrowing this gender gap requires behavioural change among all stakeholders — from families that need to support women’s economic roles, to communities that must normalise women’s participation in such decisions, and to institutions that must build trust and inclusion.
The lack of gender-disaggregated data is another barrier. Without it, policymakers and institutions cannot design solutions that respond to the lived realities of women. The result is that many financial products continue to be “gender blind,” even if they are well-intentioned.
The path forward: Building gender-responsive financial systems
If India is to reach its 2047 vision, financial systems must go beyond access and become gender-responsive. This means recognising differences and designing for them.
Commercial banks and Microfinance institutions can develop credit products that match local needs, with flexible repayment schedules and smaller ticket sizes. Insurance products would also need deeper penetration to build resilience.
Amrita stresses, “Self-Help Groups have laid a strong foundation for collective strength, and they must continue to expand. We also need digital tools that make transactions simple and safe, more women in the system as trainers, business correspondents, and loan officers. Swadhaar plays a key role here by training women, creating relatable role models, and ensuring communities see finance as approachable and overcome their fear and move towards financial independence and resilience.”
India’s ambition of Viksit Bharat 2047 cannot be achieved without gender-inclusive finance at its core. True financial inclusion is not just about economic growth — it is about social transformation. When women have access to finance, they lift families, strengthen communities, and create resilience for the next generation. Building such systems is a shared responsibility — of governments, financial institutions, CSR programs, and communities themselves.
