50% of women prefer to put money in formal banks: Survey

The findings showed that occupation is the single-largest determinant of how frequently households use bank accounts or have zero-balance accounts. “Women are important agents of change when it comes to engaging with formal banking channels. 

Nearly 48 per cent of women preferred depositing money in formal banks and 72 per cent in rural banking institutions compared to men who preferred to keep their money at home,” noted the survey titled ‘Decoding bank account usage by low income segments: Placing reality in digital ecosystem’. 

Released by Grameen Foundation India, JP Morgan and the Institute of Rural Management Anand, it was a study done on 25,000 people in rural UP and Delhi/NCR.