RBI Executive Calls for Boost in Women's Financial Inclusion

RBI Executive Director Neeraj Nigam emphasized the need for increased female labor participation and credit supply to women-led businesses to drive financial inclusion and economic growth. At a conference, Nigam highlighted challenges such as societal norms, low capital, and stereotyping affecting women's ability to access credit and financial services.

In a recent statement, RBI Executive Director Neeraj Nigam highlighted the critical need for increased female participation in the labor force and enhanced credit supply to women-led businesses to boost financial inclusion and overall economic growth.

Nigam pointed out that only 7% of loans to micro, small, and medium enterprises (MSMEs) are directed to women-led businesses, a figure that is disproportionately low compared to the one-fifth representation of women-led MSMEs.

Speaking at the 'Financing Women Collaborative' conference organized by Niti Aayog and Transunion Cibil, Nigam underscored the success of the Pradhan Mantri Jan-Dhan Yojana (PMJDY) scheme in expanding access to financial services but emphasized the need to address structural issues on the demand side that hinder women's economic participation.

(With inputs from agencies.)