National Family Health Survey 2019-20 | Number of bank accounts owned, operated by women grows

Bank accounts owned and operated by women themselves have reported growth in almost all states surveyed in the first phase of the recently released National Family Health Survey (NFHS-5) 2019-20. The NFHS-5 provides information on certain important development indicators in addition to population, health and nutrition data.  

One such indicator measured under women empowerment is ‘women having a bank or savings account that they themselves use’. Of the 22 states and union territories surveyed, Bihar has reported the maximum increase from 26.4 percent in 2015-16 to 76.7 percent in 2019-20, followed by Manipur. While almost all states have shown a positive trend, Lakshadweep has reported a fall, data suggest. 

“Financial inclusion of women is particularly important for gender equality and women’s economic empowerment,” the Reserve Bank of India’s report on financial inclusion released in January 2020 said.

Improvement in India’s financial inclusion is attributed to the Pradhan Mantri Jan Dhan Yojana scheme initiated by the central government in 2014. Of the 41.38 crore beneficiaries as on December 2, 2020, more than half (55 percent) or 22.89 crore beneficiaries are women, data show.

“With greater control over their financial lives, women can help themselves and their families to come out of poverty; reduce their risk of falling into poverty; eliminate their exploitation from the informal sector; and increase their ability to fully engage in measurable and productive economic activities. An inclusive financial system supports stability, integrity and equitable growth,” the RBI report said.