Only one-fifth of the total amount of bank deposits in the country belongs to female account holders, although every third bank account is owned by a woman, according to the latest “Men and Women” report released by the National Statistical Office (NSO). This highlights the significant financial disparities that exist between men and women in the country.
Data shows that as of March 2023, the share of accounts held by women stood at 36.4 per cent (917.7 million) out of the total 2.52 billion individual accounts. These individual accounts include accounts of undivided Hindu families, residents, farmers, traders, professionals and self-employed, wage and salary earners, and others.
On the other hand, the share of total money deposited in women’s accounts was 20.8 percent (Rs 39 trillion) of the total amount of Rs 187 trillion.
The disparity in financial status is high in metropolitan areas as only 16.5 per cent (Rs 1.9 trillion) of the total deposited amount belongs to women, while 30 per cent (Rs 5.91 trillion) of the money deposited in rural areas belongs to women. This could also be because of the wide spread of Jan Dhan accounts in rural and semi-urban India.
The report also shows that only one in four bank employees is a woman. The total number of women working in banks is 441,000, compared to 1.32 million male employees.
In addition, the report also provides information on the use of women in corporate decision-making. The report notes that only 34,879 women held senior management positions in 2023, compared to 186,000 men.
A total of 762,000 women served on the board of directors, compared to 1.9 million men. In other management positions in corporate companies, there were 738,000 women, compared to 1.86 million men, according to data from the Ministry of Corporate Affairs for the report.
While the number of women in senior management positions has increased from 23,685 in 2017 to 34,879 in 2023, the corresponding increase for men is larger in percentage terms, from 150,300 to 186,900.
Senior management positions include CEO, CFO, company secretary, general manager, manager and full-time director. Middle management positions include additional director, deputy director, nominee director and director.
First publication: Aug 16, 2024 | 11:59 PM IST