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India still has a long way to go to bridge the gender gap in access and use of financial services. Comment

Topic: Inclusive growth and issues arising from it.

5. India still has a long way to go to bridge the gender gap in access and use of financial services. Comment (250 words)

Difficulty level: Moderate

Reference: Live Mint

Why the question:

As per the All India Debt and Investment Survey (AIDIS), 20% of rural women have reported having debit or credit cards, compared to 64% of men. There is a 17% gender gap in card ownership even in urban areas.

Key Demand of the question:

To understand the gender dynamics in financial inclusion in India.

Directive word: 

Comment- here we must express our knowledge and understanding of the issue and form an overall opinion thereupon.

Structure of the answer:

Introduction: 

Begin by stating that the PMJDY scheme was brought in to ensure financial inclusion of all.

Body:

Mention some facts related to financial inclusion of women such as access to bank accounts, owning of debit/credit cards, use of digital payment platforms etc, also the disparities in access among urban and rural women.

Also discuss issues like low labour participation and low earnings and lack of access to mobile phones with internet, higher rejection ratio of loans for women owned businesses etc.

Conclusion:

Conclude by stating that the roadblocks to financial inclusion of women needs systemic address for their inclusion as well as improvement.