Author(s): Ajay J. Raut¹, Dr. D. B. Raghuwanshi²

Introduction: Promoting women’s empowerment is a crucial aspect of India’s socio-economic development. The government and numerous organizations are implementing initiatives to enhance the situation by implementing policies for social reforms and creating employment prospects.

Non-Banking Financial Institute has emerged as critical players in the ever-changing environment of finance and technology, challenging the rules of financial inclusiveness. The NBFC is one such trailblazing catalyst in this arena, having launched on a transformative journey with its uncompromising dedication to empowering women. This NBFC is not just changing lives; it is forging a more equal future by serving 1.5 lakh women so far and introducing an end-to-end digital credit evaluation methodology.

Recognizing women’s potential as catalysts for societal improvement, NBFCs have adapted their services to meet their specific financial requirements. By providing financial resources, the organization not only enables these women to achieve economic independence, but it also fosters an entrepreneurial and self-reliance culture.

The NBFCs’ end-to-end digital credit assessment process represents more than a change in methodology; it symbolizes a paradigm shift in how financial services are supplied and accessible. The organization has streamlined the credit evaluation process by using modern data analytics, machine learning algorithms, and Artificial Intelligence to make it faster, more accurate, and less prejudiced. This digitization has removed conventional hurdles to women’s access to financial resources, such as lengthy documentation and discriminatory loan approval processes. Women can now apply for financing from the comfort of their own homes, allowing them to concentrate on their companies and personal development.

The influence of NBFCs’ initiatives extends far beyond money. Women who are empowered are more than just borrowers; they are change agents in their communities. As these women expand their enterprises and improve their livelihoods, they cause a chain reaction that benefits entire families and communities. Women’s empowerment contributes to increased education, healthcare, and general socioeconomic development. This NBFC contributes considerably to societal growth by stimulating women’s empowerment.

Furthermore, the NBFCs’ dedication to digital inclusion goes beyond simple accessibility. The organization has engaged in digital literacy programs to ensure that the women it supports are not only recipients of financial assistance, but also informed participants in the digital economy. The NBFC is not only improving these women’s financial capabilities, but also preparing them for the challenges and opportunities of the digital age by providing them with digital skills.

Aside from their immediate impact, NBFC activities promote a more inclusive and varied financial system. The organization is setting an encouraging example for the entire industry by proving the viability and benefits of catering to female entrepreneurs. This NBFCs’ success demonstrates the potential of inclusive financial policies, urging other institutions to follow suit and embrace the power of diversity in their customer base.

The NBFCs’ journey as a catalyst for women’s empowerment through its end-to-end digital credit assessment procedure is more than a success story; it is a source of hope and inspiration. As NBFC continues to serve and empower women, it contributes to a more equal, prosperous, and powerful society.

In India, women who venture into entrepreneurship have the odds stacked against them. They’re faced with not only the customary socio-cultural barriers but also the added weight of unpaid care work. These factors today are serving as an obstruction to the growth of women-led businesses, particularly in rural areas. Amidst these challenges, there is an equally pressing concern that is hindering the growth of women entrepreneurs – the lack of accessible finance. This double-edged sword isn't just another statistic; it’s a symptom of systemic blockages acting as a stopper to the growth of the Indian economy.

DOI:10.61165/sk.publisher.v11i12.13

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Empowering women through the Non-Banking Financial Institute

Pages:67-70