The Reserve Bank Innovation Hub (RBIH) and IIMA Ventures have come up with a bold step towards bridging financial gap for women in India. It has lately launched the Swanari TechSprint 3.0 programme to support such fintech startups that focus on creating solutions to promote women’s financial inclusion.
About 556 million Indian women between the ages of 15 and 64 remain underserved despite efforts to improve financial inclusion, according to the World Bank. The number reminds that traditional financial systems have not done enough to cater the unique needs of women. Many women are still struggling with inactive bank accounts, limited access to credit and lack of tailored financial tools. The RBI programme seeks to change the existing narrative as it is mainly targeting self-help groups, women-led micro and small businesses as well as female street vendors.
Swanari TechSprint stand out due to its focus on technology-driven innovation. Startups are to receive mentorship, grants and funding opportunities under the programme. The collaborative effort by RBIH and IIMA Ventures reflects a belief that financial inclusion is a goal as well as a necessity for India’s economic growth. Aakarsh Naidu of RBIH said that addressing women’s financial needs is a critical part of the country’s development journey.
The call for startups with gender-focused solutions and proven models seems to be a practical approach. Past cohorts like Kaleidofin and Haqdarshak have already shown the potential for meaningful impact.
The initiative goes beyond just funding as it is also about reshaping the way women engage with financial systems and help them to gain their deserving independence. It is time to look at financial inclusion not as a problem to solve but as an opportunity to empower half the population to thrive economically.
