Average women deposits rose by ₹4,618 in the past five years from ₹37,885 in FY19 to ₹42,503 in FY23, as per SBI’s Economic Research Department (ERD), Business Line reported.
The maximum increase of ₹9,758 has been registered in the urban areas, where per capita women deposits moved up from ₹51,980 to ₹61,738, per ERD’s “Ecowrap” report,which is based on RBI data.
Per capita women deposits continue to be highest in metropolitan areas at ₹83,434 in FY23, up ₹886 visavis ₹84,320 in FY19. Per capita women deposits in semi urban and rural areas stood at ₹29,563 ( ₹25,942 in FY19) and ₹18,563 ( ₹15,976), respectively.
According to RBI’s latest report ‘Deposits with Scheduled Commercial Banks – March 2023 (BSR 2)’ the overall deposits of Scheduled Commercial Banks (SCBs) increased by 10.2 per cent, incremental deposits of ₹17.6 lakh crore.
“Interestingly, though the share of individuals in total deposits declined during the year, the share of women customers in total deposits continued to increase to 20.5 per cent in the year ending March 2023 (from 18 per cent in the year ending March 2019),” Soumya Kanti Ghosh, Group Chief Economic Adviser, SBI.
Share of women borrowers in household credit to individuals rose further to 22.9 per cent of outstanding credit in FY23 from 18.3 per cent in FY15. Further, the share of women borrowers in household credit to individuals increased to 24.9 per cent of incremental credit in FY23 from 8.9 per cent in FY15.
“Sector Wise credit to women customers indicates that credit has increased in almost all major sectors like agri, industry (manufacturing) and trade during FY19 FY23,” Ghosh said.
However, the share of women in the personal loans segment has remained the same (20.5 per cent in FY23 vs 20.6 per cent in FY19).
The ERD assessed that Regional Rural Banks (RRBs) continue to be the major contributors in increased women deposits share. Women deposits account for 50 per cent share in incremental deposits in RRBs during FY19 and FY23.
Among all bank groups, the share of women deposits to total deposits was the highest in the case of RRBs at 34 per cent (up from 27 per cent in FY19).