Today India is an emerging economy than a third world economy. This isdue to an increase in contribution of women in all sectors of the economy.There is a pedaling demand for female employees by cooperates, especially in anemotion driven country like India. There is an increase in demand for women inany organization because women cater both Masculine ( Aggression andqualifications) and feminine (Emotional and flexible) qualities which are aneeded in the an emerging economy.
This was realized by the financial sector post 1969. Nationalization of the Indian BankingSector in 1969 served as the first major step to reduce gender discrimination againstwomen in banking sector and that provided opportunity for women empowerment.The pattern of Indian women’s employment has changed significantly since the1970’s. Many major Indian banks are hiring highly qualified young Indian womento their administrative level.
Women have been in the highest tier in Indiasince the Vedic times. Their persona was carved as a goddess and an equalcontributor . Therefore, India had progressed to optimum and had embellishedjewelry of rich; land, resources, gold mines etc. However, post Vedic erawomen’s position in the society descended and the unitiy amongst Indians. Womenwere asked to veil themselves and guardthemselves from theevil eyes of strangers. Nonetheless, this veil by women was removed toprevail their own land from the British. The contribution of women in thefreedom fight, did not enable Indians independence but an essence of equality.Post IndependenceWhen India got its independence, the participation of women nationalistswas widely acknowledged.
When the Indian Constitution was formulated, itgranted equal rights to women, considering them legal citizens of the countryand as an equal to men in terms of freedom and opportunity. The sex ratio ofwomen at this time was at 945 females per 1000 males. Yet the condition ofwomen screamed a different reality.They were relegated to the household, and made to submit to themale-dominated patriarchal society, as has always been prevalent in ourcountry. Indian women, who fought as equals with men in the nationaliststruggle, were not given that free public space anymore. They becamehomemakers, and were mainly meant to build a strong home to support their menwho were to build the newly independent country. Women were reduced to beingsecond class citizens.
The national female literacy rate wasan alarmingly low 8.6%. The Gross Enrolment Ratio (GER) for girls was 24.8% atprimary level and 4.6% at the upper primary level (in the 11-14 years agegroup). There existed insoluble social and cultural barriers to education ofwomen and access to organised schooling This was not only the reason, why women were not proactive inthe labour force, even post establishment of the Indian Constitution. Whichgave women equal rights and an equal share in the business world.
Theparticipation of women did not commensurate with equal socialstatus given to women in India. Acts such as 39d(a) (equal pay) did notencourage women .In contrast to the constitutuion the society conductedsad practices on woman such as ; Child marriage, Killing of girlchild, domestic violence and Sati practices were still conducted in the countryin the rural areas of the country. Women were not discouraged by such practicesbut were abducted inside their homes viathem. Theupper and upper middleclass women of urban areas deconstructed the medieval thinking.
In the urbanareas there was an encouragement of education of both genders. Slowly, theurban women encouraged the rural areas and formed organisations to promotewomen equality. This change slowly grasped and women started contributing morein the labor force. Women were swift andkeen on holding equal status and stans in the field pf banking and financeespecially.
There was an increasing inthe sector of banking and finance wasdue to a natural interest of women in the world of money. Since in the earlystages of post independent India, women were not givne equal share property andother assets. As mentioned above the Nationalization of banks in the year 1969opened doors for women to contribute in the world ofbanking and finance.
It is not that thismove enabled all channels for women. Women had to prove their qualities andqualifications because they were looked down upon since years. As time passed, organisations and cooperates demanded women morein organizations .
The demand did not only increase for administrative levelbut managerial level as well. The banking Sector in India which was maledominated till1980’s, in last three decades the gender equality became fairlypoised. Women executives like ChandaKochhar(CEO, ICICI Bank), andNainaLalKidwai (CEO,HSBC),Arundathi Bhattacharya,(CMD SBI), ShikhaSharma(CEOand MD, Axis Bank), UshaAnanthasubramanian (CEO, MDPunjab NationalBank), are contributing a lot to the bank’sgrowth. The below table presents thecontribution of women and men in various sectors.