Recently, MoSPI released the 26th edition of “Women and Men in India 2024: Selected Indicators and Data”. The report presents gender-disaggregated data across key sectors such as health, education, employment, and decision-making. As per the report, women hold 39% of the bank accounts in SCBs and 19% of the demat accounts as of March 2024.
Recently, the Ministry of Statistics and Programme Implementation (MoSPI) released the 26th edition of “Women and Men in India 2024: Selected Indicators and Data“. The report presents gender-disaggregated data across key sectors such as health, education, employment, and decision-making. It draws from official sources to provide a detailed picture of gender disparities and progress, serving as a vital resource for evidence-based, gender-sensitive policymaking.
In this story, we focus on financial inclusion, a key aspect of economic empowerment that plays a crucial role in reducing gender inequalities. Financial inclusion provides women with access to credit, capital, secure savings, insurance, and efficient payment systems, which are tools that help them start businesses, manage finances, and invest in their future with greater confidence. By bringing more women into the formal financial system, financial inclusion not only boosts individual economic agency but also supports broader goals like job creation, business growth, and inclusive development.
Women accounted for 39% of bank accounts and deposits in SCBs
According to the 2024 MoSPI report, as of March 2024, women owned 39.2% of all bank accounts in India and contributed to 39.7% of total deposits. In numerical terms, out of around 253 crore bank accounts in Scheduled Commercial Banks (SCBs), over 99 crore accounts were held by women. Out of the total deposits of Rs. 113 lakh crores, deposits in accounts owned by women were Rs. 44.82 lakh crores. Women hold more accounts in rural areas (42.15%) but contribute a smaller share of deposits (37.14%). In urban and metro areas, the trend reverses as women hold fewer accounts but a higher share of deposits. This is an indication that they hold higher-value accounts in urban and metro areas. At the state level, the share of women account holders was higher in the southern and eastern states.
Government schemes like the Pradhan Mantri Jan Dhan Yojana (PMJDY) and the Pradhan Mantri Mudra Yojana (PMMY) may have played a key role in boosting financial inclusion among women since women made up the majority of account holders under both schemes.
Number of demat accounts has quadrupled in less than 4 years
Between 31 March 2021 and 30 November 2024, the number of demat accounts has more than quadrupled. The data is based on gender details of the first account holder, as captured by Depository Participants in the CDSL system, and excludes closed demat accounts. Even though male account holders have consistently outnumbered female account holders, female participation has also shown a growing trend. The number of demat accounts held by men increased from nearly 266 lakhs to 1153 lakhs while that by women increased from nearly 67 lakhs to 277 lakhs during this period.
The increase in women-owned demat accounts points to improving financial inclusion and awareness, with more women engaging in wealth creation through equities and other instruments. However, the gender gap in market participation remains noticeable, with women still holding only about 19% of all demat accounts.
5 states account for 50% of all demat accounts held by women
The number of demat accounts held by women was the highest in Maharashtra. In 2021, the state accounted for 24% of all demat accounts held by women. By November 2024, this share had declined to 20%. This was not because of a drop in the number of accounts, but because more women across other states began opening accounts.
Maharashtra, Uttar Pradesh, Gujarat, Karnataka, and Rajasthan together accounted for more than 50% of all demat accounts held by women as of November 2024. In addition to these five states, Madhya Pradesh, West Bengal, Tamil Nadu, Delhi, and Haryana each reported over 10 lakh demat accounts held by women.
The sharpest rise was observed in the northeastern states of Assam, Nagaland, Arunachal Pradesh, Sikkim, and Mizoram, where the number of demat accounts held by women increased at least tenfold between March 2021 and November 2024.
1 in 5 demat accounts in Punjab, Kerala, Maharashtra, and Chhattisgarh were held by women
As of November 2024, 17 out of 36 States and Union Territories reported that women held 20% or more of the total demat accounts. Some of the major states in this group include Tamil Nadu, Punjab, Maharashtra, Kerala, Delhi, and Chhattisgarh. Northeastern states of Mizoram, Sikkim, Meghalaya, Assam, Arunachal Pradesh and Nagaland are also in this group. In March 2021, this number was 14.
On the other hand, states with the lowest share of demat accounts held by women, consistently below 15%, include Bihar and Tripura. In Bihar, this share crossed 13% for the first time in November 2024. Ladakh, Lakshadweep, and Jammu and Kashmir also reported less than 15% throughout the period. Odisha had a relatively low share as well, but it crossed the 15% mark for the first time in November 2024.
Female entrepreneurship has also seen a positive trend
Apart from this, the report highlights a positive trend in female entrepreneurship. Over the years, there has been a steady increase in the number of startups recognized by the Department for Promotion of Industry and Internal Trade (DPIIT) with at least one woman director. The number of such startups grew from 1,943 in 2017 to 17,405 in 2024.
Additionally, there has been a rising share of female-headed proprietary establishments across the manufacturing, trade, and other services sectors during the years 2021–22, 2022–23, and 2023–24, indicating a gradual shift toward greater women’s participation in business ownership and leadership roles. In manufacturing, it rose from 54.1% in 2021–22 to 58.4% in 2023–24. In trade, it increased from 11.7% to 13.7%, and in other services, from 10.1% to 14.2%. Overall, the proportion across all sectors rose from 24.0% to 26.2%, indicating steady progress in women’s business ownership.
This is also supported by the NITI Aayog’s report “From Borrowers to Builders – Women’s Role in India’s Financial Growth Story,” which was released in March 2025. According to the NITI Aayog report, in 2024, women opened around 37 lakh new business loan accounts, with disbursements of Rs. 1.9 lakh crores. It also noted that young women mainly took personal loans, with limited access to business or agriculture credit due to factors like lack of collateral or credit history. Women in semi-urban and rural areas were more likely to take loans for business or gold. (Detailed review of the report can be read here)
Disparities continue to persist
The increasing participation of women in financial systems is evident as reflected in the growing share of women holding bank accounts, demat accounts, and access to loans. It is a positive indicator of progress toward gender equality. However, disparities continue to persist, with challenges such as limited access to credit, lower financial literacy, and regional differences in financial inclusion.
