The Need of Womens' Financial Inclusion in Developing Economy

Authors: Mr Ch Satish Kumar, Ms A Shirisha

Country: India

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Abstract: The importance of improving financial inclusion for women is receiving an increasing amount of attention. Recent research provides solid evidence that when women - 50% of the world‘s population - participate in the financial system, there are significant benefits in terms of economic growth, greater equality and societal well-being. However, despite significant advances in financial inclusion for both men and women between 2011 and 2014, women still lag behind in access and usage of financial products and services. What needs to be done to close the gender gap? This study looks at the efforts of policymakers and central bankers in different countries who are fine-tuning an enabling environment for the financial inclusion of women. Evidence has shown that policy measures to increase financial inclusion need to be country- specific, based on each country‘s gender gap and unique challenges and opportunities. The policies featured in this paper are examples of promising policy solutions to advancing financial inclusion for women. These policies can be adapted and integrated in national financial inclusion strategies and other policy initiatives to close the persistent gender gap in financial inclusion. There are certain barriers which are hindering the growth of women for financial inclusion.The paper discusses the barriers and the policies taken to overcome them. Seven policy measures in particular could have a major impact on women‘s financial inclusion and, in turn, accelerate the progress of national strategies.

Keywords: Financial inclusion, gender gap, policy makers, national strategies, policy measures

Paper Id: 1228

Published On: 2020-08-30

Published In: Volume 8, Issue 4, July-August 2020

Cite This: The Need of Womens' Financial Inclusion in Developing Economy - Mr Ch Satish Kumar, Ms A Shirisha - IJIRMPS Volume 8, Issue 4, July-August 2020.

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