Mumbai: The average balance managed by women on Jan Dhan Yojana’s account is more than 30% more than men, according to industry reports.
The study, published by the banking of the world of women and Bank Baroda, estimates that by serving 10 low-income crore women, public sector banks can attract RS 25,000 crore in deposits and empower 40 low-income Indians.
This report recommends that banks design products for women that allow them to make small deposits and overcome the inhibiting factors.
To make them use an account, he asked the bank to promote customer awareness and nuges.
It has called for transforming business correspondents from human ATMs into relationship managers who offer rural women all financial products.
Finally, it calls the bank to separate their Jan Dhan account data according to gender.
“We are blessed with a platform like a Jan Dhan Yojana account, which can be the opportunity for the world’s largest empowerment in the world,” said Srirannanhan VP (Asia) World Banking Executive said.
According to him, in any other country, a women’s empowerment program must be carried out using a pilot program.
In India, most women already have a Jan Dhan account.
Bank of Baroda MD & CEO Sanjiv Chadha said, “The percentage of women who are good, especially those included in the low-income group, still avoid realizing the full potential of their bank accounts.
Instead, they still see it just as a channel to receive and withdraw cash.
And , That’s where opportunities are not used and the potential that has not been utilized from the banking perspective.
“The pilot carried out by the Bank of Baroda on a female-specific savings account related to Jan Dhan Yojana was very successful.
Basic bank accounts, without the cost or requirements of the minimum balance, attract a large number of women after the government announced his decision to transfer Rs 500 a month during the pandemic year for a female account.
“Groundswell from this female account has made his own agent possible.
Banks can now get views on savings and cash flows and offer loans and other products and services,” Jagannathan said.
He added that retirement products are very important for women because they generally live longer but do not have financial assets.