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.