Empowering Women Through Financial Inclusion: A Study of Urban Slum

Author:

Bhatia Shivangi1ORCID,Singh Seema2

Affiliation:

1. Shivangi Bhatia is a research scholar at Delhi Technological University. She also teaches financial accounting, laws in banking, decision science, and financial statement analysis. Her areas of interest are gender studies and financial inclusion.

2. Seema Singh is professor of economics at the Delhi Technological University. She is interested in gender, higher education, employment, and labour market. She has presented and published several papers. She has also been involved in several research projects. She received AICTE Career Award for Young Teachers in 2000. She has also been elected Vice President (Education and Research) and Board Member (South Asia) of International Network of Women Engineers and Scientists (INWES) for 2018–2020. She is...

Abstract

Executive Summary Financial Inclusion is considered to be a critical indicator for development and well-being of the society around the globe. Providing inclusive financial services, that is, financial services affordable for all, has become a basic priority in many countries including India. G-20 Nations have emphasized on financial inclusion as a facilitator for achieving gender equality and other sustainable development goals. Women empowerment is a radical approach concerned with transforming power relations in favour of female gender and considered essential for global progress. Thus, an inclusive financial model is being adopted in developing nations to achieve fundamental to formative objectives. The current article investigates the dimensions of women empowerment, that is, social, political, and economic. It also undertakes a test to see if the dimensions change with financial inclusion. The authors draw upon literature to develop a structured questionnaire on women empowerment and financial inclusion through schemes like Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jivan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY) on women living in urban slums in the industrial town of Ludhiana, Punjab. The data were collected from 737 females living in urban slums with PMJDY bank accounts. The result indicated that PMJDY scheme has been quite successful especially in case of women in slums and has a positive influence on social, political, and economic dimensions of women empowerment. The study contributes to existing literature by advancing the debate on women in urban slums and identifies the substantial need for the development of formal financial system to enhance the scale of financial inclusion.

Publisher

SAGE Publications

Subject

General Business, Management and Accounting,General Decision Sciences

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