Bank deposits: Women’s share rises to 20.5%, per capita deposits up by Rs 4,618 in 5 years
Overall, the per capita women deposits increased by Rs 4,618 to Rs 42,503 in the last five years, according to RBI’s latest report ‘Deposits with Scheduled Commercial Banks – March 2023.
If the Reserve Bank of India data on bank deposits is any indication, women have started saving more than men. While the overall deposits of the banking sector increased by 10.2 per cent to Rs 180 lakh crore during the year ended March 2023 and the share of individuals in total deposits declined during the year, the share of women customers in total deposits continued to increase to 20.5 per cent to Rs 37 lakh crore during the year from around 18 per cent five years ago.
Overall, the per capita women deposits increased by Rs 4,618 to Rs 42,503 in the last five years, according to RBI’s latest report ‘Deposits with Scheduled Commercial Banks – March 2023. “Rural areas are the major source of women deposits. The share of women deposits in overall rural deposits has increased in post pandemic period to 30 per cent in FY23 from 25 per cent in FY19 (pre-pandemic year). Further, of the incremental deposits between FY19 and FY23, women deposits accounted for 26 per cent at all India level,” as per RBI data.
RBI data shows that the share is again highest in case of rural areas, with women deposits accounting for 41 per cent of the incremental rural deposits during the same period, according to an SBI Research report on the RBI data.
Meanwhile, total deposits by senior citizens (age 60 and above) amounted to Rs 36.2 lakh crore which represents 38 per cent of the individuals’ deposits and 19.6 per cent of the overall deposits during the year. Within this, women account for 39 per cent (or Rs 37.0 lakh crore) of the individual deposits, according to RBI data.
“Total deposits by senior women citizens (age 60 and above) amounted to Rs 13.2 lakh crore which represents 36 per cent of the individual women deposits and 7.2 per cent of the overall deposits during the year,” the SBI report said.
State wise per capita change in women deposits shows that Goa, Karnataka, Haryana, Kerala, Uttarakhand, Gujarat, HP, Punjab and Maharashtra have witnessed more than Rs 10,000 change in the last five years.
Goa topped with a rise of Rs 26,229 to Rs 1.05 lakh per capital women deposits in 5 years. Karnataka is in the second spot with a per capita rise of Rs 14,849 to Rs 55,537.
According to RBI data, women have more than 35 per cent share in incremental deposits between FY23 and FY19 in states like HP, WB, Punjab, Andhra Pradesh and Bihar. Meanwhile, Maharashtra, Karnataka, Gujarat, Telangana lie at the other end with low share of women deposits in respective incremental deposits. “However, when we look at per capita change in women deposits, Goa, Karnataka, Haryana, Kerala, Uttarakhand, Gujarat, HP, Punjab and Maharashtra have witnessed more than Rs 10,000 change in the last five years,” the report said.
Madhya Pradesh is at the bottom of the table with women in the state showing a rise of Rs 461 to Rs 31,574 in per capita deposits in the last 5 years. Odisha women’s per capita deposit rise was Rs 1,001 to Rs 29,552.
The RBI data also shows improvement in the share of women in credit to individuals, which has increased by 4.7 per cent in the last nine years (women share in FY15: 18.3 per cent). The data further shows that incremental credit of Rs 10.3 lakh crore has disbursed to 7.6 crore new women customers during the period. “Sector-wise credit to women customers indicates that credit has increased in almost all major heads like agri, industry (manufacturing) and trade during FY19-FY23. However, share of women in personal loans segment has remained the same,” SBI report said.
According to RBI data, women have more than 35 per cent share in incremental deposits between FY23 and FY19 in states like HP, WB, Punjab, Andhra Pradesh and Bihar. Meanwhile, Maharashtra, Karnataka, Gujarat, Telangana lie at the other end with low share of women deposits in respective incremental deposits. “However, when we look at per capita change in women deposits, Goa, Karnataka, Haryana, Kerala, Uttarakhand, Gujarat, HP, Punjab and Maharashtra have witnessed more than Rs 10,000 change in the last five years,” the report said.
Madhya Pradesh is at the bottom of the table with women in the state showing a rise of Rs 461 to Rs 31,574 in per capita deposits in the last 5 years. Odisha women’s per capita deposit rise was Rs 1,001 to Rs 29,552.
The RBI data also shows improvement in the share of women in credit to individuals, which has increased by 4.7 per cent in the last nine years (women share in FY15: 18.3 per cent). The data further shows that incremental credit of Rs 10.3 lakh crore has disbursed to 7.6 crore new women customers during the period. “Sector-wise credit to women customers indicates that credit has increased in almost all major heads like agri, industry (manufacturing) and trade during FY19-FY23. However, share of women in personal loans segment has remained the same,” SBI report said.
According to RBI data, women have more than 35 per cent share in incremental deposits between FY23 and FY19 in states like HP, WB, Punjab, Andhra Pradesh and Bihar. Meanwhile, Maharashtra, Karnataka, Gujarat, Telangana lie at the other end with low share of women deposits in respective incremental deposits. “However, when we look at per capita change in women deposits, Goa, Karnataka, Haryana, Kerala, Uttarakhand, Gujarat, HP, Punjab and Maharashtra have witnessed more than Rs 10,000 change in the last five years,” the report said.
Madhya Pradesh is at the bottom of the table with women in the state showing a rise of Rs 461 to Rs 31,574 in per capita deposits in the last 5 years. Odisha women’s per capita deposit rise was Rs 1,001 to Rs 29,552.
The RBI data also shows improvement in the share of women in credit to individuals, which has increased by 4.7 per cent in the last nine years (women share in FY15: 18.3 per cent). The data further shows that incremental credit of Rs 10.3 lakh crore has disbursed to 7.6 crore new women customers during the period. “Sector-wise credit to women customers indicates that credit has increased in almost all major heads like agri, industry (manufacturing) and trade during FY19-FY23. However, share of women in personal loans segment has remained the same,” SBI report said.
Incrementally, share of credit to women in total credit has increased to 25.4 per cent during FY19-FY23, with agriculture, education and trade contributing the most.
Currently 55 per cent of total PMJDY beneficiaries are women. State-wise data of women beneficiaries (by extrapolating the March 2021 numbers), when plotting against the MGNREGS women participation suggests that in southern states, both the shares are more than national average. Further, in states where women participation in MGNREGS is low, women beneficiaries in PMJDY are also low. This indicates a positive corelation between two modes of women empowerment. Thus, efforts should be made to include more women in MGNREGS so that all women are brought under the formal banking system.
According to the RBI report, the share of credit to women borrowers (10.2 crore accounts) continue to increase further to 23 per cent in bank loans to individuals during FY23. “If we look at the data from FY15, it indicates that the share of women in credit to individuals has increased by 4.7 per cent (women share in FY15: 18.3 per cent) and incremental credit of Rs 10.3 lakh crore has been disbursed to 7.6 crore new women customers,” SBI report says.
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