Empowering Women Through Financial Inclusion: A Study of Urban Slum

From Vikalpa: The Journal for Decision Makers

Financial Inclusion is considered to be a critical indicator for development and well-being of the society around the globe. G-20 Nations have emphasized 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. An inclusive financial model is being adopted in developing nations to achieve fundamental to formative objectives.

This 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. To upgrade the level of financial inclusion in the country, the Indian government has introduced three social security schemes, namely, PMJJBY, PMSBY, and APY in the last 5 years. The authors draw upon literature to develop a structured questionnaire on women empowerment and financial inclusion through schemes aimed at 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 the 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.

Article details
Empowering Women Through Financial Inclusion: A Study of Urban Slum
Shivangi Bhatia, Seema Singh
First Published December 31, 2019 Research Article
DOI: 10.1177/0256090919897809
From Vikalpa: The Journal for Decision Makers