To make women reap the benefits of financial inclusion through the Pradhan Mantri Jan Dhan Yojana (PMJDY), the banking ecosystem needs to be more welcoming to them, according to Kalpana Ajayan, Regional Head, South Asia, Women’s World Banking.

“Our groundwork showed that though rural women hold PMJDY accounts, they do not consider banks a space meant for them. To ensure that low-income and rural women reap the real benefits of financial inclusion, the banking ecosystem needs to be more welcoming,’’ Ajayan told businessline. 

As on November 9, the total beneficiaries of Jan Dhan scheme were 47.39 crore, of which, 26.31 crore are women.

Improvements in the banking ecosystem can be done through various means: Banks and FSPs must ensure savings become more relatable and rewarding to women; strength the Business Correspondent (BC) and BC Sakhi network; and enable improved digital prove beneficial in their roles as local agents, she added.

“Women’s World Banking’s Jan Dhan Plus pilot program to encourage savings showed that BC channels and BC Sakhi networks are more effective in reaching women, educating them about banking services, and encouraging saving habits,’’ said Ajayan.

It carried out a Jan Dhan Plus pilot program with the Bank of Baroda to develop solutions that encourage women to save formally and create awareness on banking services. “We are now partnering with Union Bank of India and Indian Bank to expand this solution to additional geographies across India, and plan to expand this with Regional Rural Banks in partnership with Nabard to reach 35 million women,’’ said Ajayan.

Women’s World Banking designs and invests in financial solutions, institutions and policy environments in emerging markets, to create greater economic stability and prosperity for women, their families, and their communities. It has a global reach of 62 partners in 35 countries, serving more than 139 million women clients.

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