How Can NBFCs & Financial Institutions Empower Women In Tier 2, Tier 3 Cities?

NBFCs (Nonbank financial companies) and other financial institutions are crucial players in empowering women across Tier 2 and Tier 3 cities. From the outset, addressing gender disparities and fostering inclusivity in the financial landscape has been a primary focus of this industry. Through a range of employee empowerment initiatives and community outreach programs, NBFCs are effecting meaningful change and charting a course toward a more equitable future.

Initiatives That NBFCs Can Take To Promote Financial Inclusion

Flexible Work Policies: Recognizing the unique challenges faced by women, especially in Tier 2 and Tier 3 cities, NBFCs have introduced flexible work policies, including remote work options, flexible hours, and part-time arrangements. These policies enable women to manage their professional and personal responsibilities more effectively. Whilst growing in their professional journey, this is also shaping the future of our nation, and serving a bigger purpose.

Mentorship and Leadership Development Programs: NBFCs are actively promoting mentorship programs aimed at empowering women employees through guidance, support, and opportunities for career advancement. Additionally, tailored leadership development programs are in place to nurture future female leaders within the organization.

Financial Literacy Programs: Understanding the significance of financial independence, NBFCs are conducting targeted financial literacy programs for women in Tier 2 and Tier 3 cities. These initiatives equip women with essential knowledge and skills to manage their finances effectively, empowering them to make informed financial decisions.

Community Outreach Initiatives: NBFCs are extending their efforts beyond the workplace by engaging in community outreach initiatives focused on women's empowerment. This includes organizing skill development workshops, facilitating access to microfinance opportunities, and supporting women-owned businesses in Tier 2 and Tier 3 cities.

Supportive Policies and Benefits: NBFCs are revising HR policies and benefits to ensure they are gender-inclusive and supportive of women employees. Initiatives such as maternity and paternity leave, childcare assistance, healthcare benefits, and tailored career development opportunities (like supporting women restarting their careers) are being implemented to meet the specific needs of women.

Collaboration with Government and NGOs: NBFCs are partnering with government agencies and non-governmental organizations (NGOs) to amplify their efforts in addressing gender disparities. Through collaboration, NBFCs leverage resources and expertise to implement more impactful initiatives benefiting women in Tier 2 and Tier 3 cities.

Regular Monitoring and Evaluation: NBFCs are implementing robust monitoring and evaluation mechanisms to measure the effectiveness of their initiatives. This includes data collection, surveys, and employee feedback to continuously assess progress and identify areas for improvement in addressing gender disparities.

Sustaining these efforts and fostering collaboration with stakeholders is essential as we continue to prioritize diversity and inclusion. Together, we can create a future where every woman has the opportunity to thrive and succeed in India's financial landscape.

Authored By Aditi Mittal, Group HR Head, SAVE Solutions