Although women's empowerment remains a hot topic for discussion, female entrepreneurs face innumerable challenges while setting up viable business models. The Government of India (GoI) has thought of several schemes to promote women's empowerment. A majority of female entrepreneurs have recently applied for business loans from NBFCs.
Based on the recent developments, GoI has promoted several financial schemes for women entrepreneurs to help them sustain themselves in future. On the other hand, NBFCs (Non-banking financial companies) have emerged as the best alternatives for traditional financial institutions, and consultants reveal that such institutions play an active role in promoting female entrepreneurs. Before we delve into the intricacies, let’s take a close look at the following: Understanding the Gender Gap in Financial Inclusion Accession to financial capital had remained quite tough, especially for women if they happened to be entrepreneurs.
The stigma of the gender gap stays prevalent even in today’s modernised world, and this closely affects the financial inclusion of women. Males, primarily known as the ‘dominating species’, have always had easier access to finance and business sectors than women. The impacts of the gender gap in financial institutions are displayed through disparities created amongst women and men in accessing financial services.
Gender disparities have been observed in processing financial bills, terms of credit, giving financial covera.
