{"id":263456,"date":"2023-10-09T19:26:52","date_gmt":"2023-10-09T13:56:52","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=263456"},"modified":"2023-10-10T10:52:13","modified_gmt":"2023-10-10T05:22:13","slug":"why-there-are-so-few-women-in-banking","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/why-there-are-so-few-women-in-banking\/","title":{"rendered":"Why there are so few women in banking"},"content":{"rendered":"\n

Source<\/strong>: The post is based on the article\u00a0\u201cWhy there are so few women in banking<\/strong>\u201d published in Business Standard <\/strong>on 9th<\/sup> October 2023<\/strong>.<\/p>\n

Syllabus: <\/strong>GS 2 \u2013 Issues associated with Women<\/strong><\/p>\n

Relevance: <\/strong>Issues with<\/strong> women\u2019s representation in banking sector in India<\/strong><\/h2>\n

News: <\/strong>The article discusses the current state of women’s representation in India, with a specific focus on the banking sector.<\/p>\n

What are some of the facts related to women representation?<\/strong><\/h2>\n

India:<\/strong> In the World Economic Forum’s 2023 Global Gender Gap report, India secured the 127th position out of 146 countries in terms of gender parity.<\/p>\n

-According to the ILO,<\/strong> in India, as of 2021, 82 percent of women worked in the informal economy, and the gender pay gap stands at 27 percent in 2023.<\/p>\n

-The Reserve Bank of India (RBI)<\/strong> has found that there is just 24 percent representation of women across all scheduled commercial banks.<\/p>\n

-As per the RBI Deputy Governor<\/strong>, India’s women workforce participation is among the lowest in the world, and it is declining.<\/p>\n

-As per a study, India has the potential to boost its GDP to $770 billion by 2025 if it provides equal opportunities to women<\/strong>.<\/p>\n

Globally:<\/strong> Women now hold 32.4% of senior management positions in mid-market businesses globally, which is a rise of just 1 percentage point in the past one year.\u00a0According to the WEF<\/strong>, it will take 132 years to close the gender gap globally.<\/p>\n

Moreover, in India’s software sector, women have made significant progress, with a 77 percent increase in female employees compared to a 62 percent rise in male employees. However, the same level of progress is not seen in the banking sector.<\/p>\n

How have women progressed in the banking sector in India?<\/strong><\/h2>\n

After Banks\u2019 Nationalization:<\/strong> After nationalization, it took over three decades for a woman to become the CEO of a commercial bank in India.<\/p>\n

Tarjani Vakil achieved this milestone in 1996 at the Export-Import Bank of India, while at the RBI, Kishori J Udeshi became the first woman deputy governor<\/strong> in June 2003.<\/p>\n

In the Last Decade:<\/strong> In the last decade, the presence of women in India’s banking sector has increased.<\/p>\n

For example,<\/strong> in 2010, women constituted 17% of employees in public sector banks (PSBs), with just 2.7% in executive roles and by 2021, the proportion of women employees in PSBs rose to 27%.<\/p>\n

However, there has been minimal change in the number of women working <\/strong>in private and foreign banks.<\/strong><\/p>\n

Gender Balance Index 2023: <\/strong>As per the index, gender imbalance is a concern within the RBI as well. This index reveals that the Asia-Pacific region,<\/strong> particularly in financial institutions, faces significant challenges in achieving gender balance.<\/p>\n

As per the index,<\/strong> the region has the second-lowest representation of women in leadership positions in financial institutions globally.<\/p>\n

What can be the way ahead?<\/strong><\/h2>\n

To attain gender parity<\/strong>, companies should prioritize flexible working options, including extended maternity leave and childcare support, along with hybrid and remote work arrangements. <\/strong><\/p>\n

Such flexibility has been proven to boost women’s presence in senior management.<\/p>\n

Furthermore, the rising focus on environmental, social, and governance (ESG)<\/strong> norms is encouraging companies to build diverse leadership teams, as diversity is becoming a key factor to secure capital.<\/p>\n","protected":false},"excerpt":{"rendered":"

Source: The post is based on the article\u00a0\u201cWhy there are so few women in banking\u201d published in Business Standard on 9th October 2023. Syllabus: GS 2 \u2013 Issues associated with Women Relevance: Issues with women\u2019s representation in banking sector in India News: The article discusses the current state of women’s representation in India, with a… Continue reading Why there are so few women in banking<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[10503,212,8131],"class_list":["post-263456","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-business-standard","tag-gs-paper-2","tag-social-issues","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/263456","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=263456"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/263456\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=263456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=263456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=263456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}