1S.M. Shetty College of Science, Commerce and Management Studies, Powai, Mumbai
Over the last three decades the role of banking in the process of financial intermediation has been undergoing a profound transformation, owing to changes in the global financial system and technological changes. The various technological innovations in banking and financial sector are RTGS, NEFT, ATM, Debit & Credit Cards and digital payment mechanism like Paytm, PayUMoney, Mobikwik, Momoe, Citrus, State Bank Buddy etc.
This paper examines women empowerment associated with financial inclusion. Financial inclusion is delivery of bankingservices at an affordable cost to the vast sections. The access to financial services helps women in their social and economic development. It is noted that access to financial service through financial inclusion do have impact upon the social and financial empowerment of women leading to their overall empowerment.
In today's times, women are also very active contributors to the financial goals of the family. Any additional savings resulting from both partners working also come in handy in times of emergencies.
However, financial independence has two aspects to it, an independent earning and 100% informed about financial goals and involved in financial decisions. The reason for this is simple: Earning alone will not give the desired financial autonomy unless one takes charge of one's finances. Still, in many cases women need to submit their entire or half of their earnings to the Head of the Family or to her spouse.
Admittedly, many women leave major financial decisions to the male members of their family. Few have the time to research, read, and understand the nitty-gritties of savings and investments between their commitments to their professional life, household, and children, or at least two out of three of those. Regardless, it is essential that they have an active role to play in the financial decisions.
