FINANCIAL INCLUSION AS A PATHWAY TO WOMEN’S EMPOWERMENT IN INDIA: A REVIEW OF INITIATIVES AND OUTCOMES

Financial inclusion has emerged as a key strategy for promoting women’s empowerment, particularly in developing countries like India. This review examines the impact of financial inclusion initiatives on women’s socioeconomic status across India, exploring diverse programs such as microfinance, digital banking, and financial literacy efforts. In India, government-backed initiatives like the Pradhan Mantri Jan Dhan Yojana (PMJDY) have significantly increased women’s access to formal financial services, aiming to reduce gender disparities in financial empowerment. Evidence suggests that these initiatives have positively impacted women’s economic autonomy, decision-making power, and ability to participate in local economies. However, challenges remain: cultural norms, lack of financial literacy, and inadequate digital access continue to limit the full potential of financial inclusion. This review highlights successes and limitations through case studies and data from rural and urban regions, drawing attention to the need for context-specific approaches. Findings suggest that a combination of supportive policies, tailored financial products, and digital infrastructure improvements are essential for sustainable empowerment. Ultimately, financial inclusion in India is about more than access to services; it is a transformative tool for breaking socio-economic barriers and fostering gender equality in the long term.