The first two reports provided insights into women in urban India, focusing on their savings and investment behaviours, career preferences, and the challenges they face in the workforce. The third report centred on women entrepreneurs in Indian metros, identifying key areas where they seek support and opportunities for business enablement.
The current study, conducted by Haqdarshak, surveyed 411 women entrepreneurs across rural districts in Madhya Pradesh, Maharashtra, and Rajasthan, with 402 being members of Self-Help Groups (SHGs). This was supplemented by qualitative insights from five focus group discussions (FGDs), offering a nuanced understanding of their experiences.
Financial decision-making dynamics
The survey reveals a shift towards greater financial autonomy among rural women entrepreneurs. 18% of respondents make financial decisions independently, while 47% make financial decisions jointly with their husbands. 24% stated that their husbands make all financial decisions, and the remaining 11% consult their immediate or extended family members. This distribution highlights both progress and persistent traditional norms.
Prudent savings habits
A notable 90% of respondents save a portion of their income. Out of these, 57% save less than 20% of their monthly income, while 33% save between 20% and 50%. 5% save more than 50% of their income, while the remaining respondents are unsure about the portion of their income saved, suggesting a need for improved financial literacy and planning. Among savers, 56% opt for bank deposits, 39% participate in SHG savings programmes, and 18% set aside cash without investing it in any instruments. Fixed Deposits (FDs) and Recurring Deposits (RDs), as well as investments in gold, are less common, with only 11% and 5% opting for these methods, respectively. Approximately 64% reinvest their business profits into their enterprises, reflecting a strong orientation towards business expansion and growth.
Banking preferences
The rural women entrepreneurs surveyed exhibit a strong preference for traditional banking methods. A majority — 89% — favour in-person banking, underscoring their reliance on conventional channels despite the increasing availability of digital services. Despite 99% of respondents a having bank account, only 38% utilise digital banking services for their businesses. Among these digital users, 70% rely solely on UPI for business transactions, 20% combine UPI with mobile or internet banking, and 10% use only mobile banking, internet banking, or other digital services. This highlights a significant opportunity to enhance digital financial literacy and infrastructure, enabling rural entrepreneurs to fully harness the benefits of digital banking.
Access to credit
According to the survey, 36% of rural women entrepreneurs started their businesses using personal savings, while 25% relied on loans. Additionally, 29% combined their savings with loans or borrowed from family and friends, employing both formal and informal financial sources. Notably, for 9% of these women, family and friends served as the primary funding source, highlighting the role of social networks in supporting small businesses.
Nearly 80% secured funding through a combination of SHGs and/or other lending channels, while 43% relied solely on loans from SHGs.15% of the respondents stated that they had accessed government credit schemes. These findings present an opportunity to enhance outreach and strengthen awareness and accessibility of these schemes among rural women entrepreneurs.
Growth aspirations
To expand their businesses, rural entrepreneurs seek support from industry and government (72%), assistance with digitisation (39%), business mentorship (35%), and networking opportunities (32%). Focus groups revealed a strong commitment to community development among respondents, who aspired to create jobs for other women in their villages.
Azmat Habibulla, Managing Director and Head of Group Strategic Marketing & Communications at DBS Bank India, said, "A 2024 World Bank estimate indicates that 22 to 27 million individuals are employed by women-owned businesses in rural India, underscoring their significant contribution to local economies. Understanding the unique challenges these entrepreneurs face—and identifying the support they need to overcome them—is essential. Our latest report in the 'Women and Finance' series offers valuable insights to inform programmes aimed at accelerating women's entrepreneurship and addressing growth barriers. We are proud to launch this report in collaboration with Haqdarshak, a purpose-driven organisation enhancing access to government social security schemes and inclusive financial services for this segment."
Aniket Doegar, Co-Founder and CEO of Haqdarshak, said, "At Haqdarshak, we collaborate closely with rural women entrepreneurs, understanding the challenges they face — not only in accessing financial services and schemes but also in enhancing their financial literacy, skills, and confidence. Recognising these barriers, we partnered with DBS Bank India to conduct a focused study on this segment as part of the 'Women and Finance' series. Our aim is to drive meaningful dialogue and build actionable solutions that bridge knowledge gaps, ensuring these women have improved access to social protection and financial services, ultimately fostering a more equitable economy."
Over the years, Haqdarshak has engaged with and received support from the DBS Foundation (DBSF), including the 2018 DBSF Business for Impact Grant and the 2020 DBSF Business Transformation Improvement Grant. In 2023, Haqdarshak became a DBSF programme partner in India to promote digital and financial literacy among citizens from vulnerable communities, impacting over 206,400 beneficiaries nationwide to date.
In February 2025, the DBS Foundation partnered with Haqdarshak for a new programme aimed at advancing financial inclusion, focusing on rural India. With SGD 5.1 million in funding, the programme aims to improve financial resilience and social security for 500,000 beneficiaries, including 50,000 nano entrepreneurs in India.
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About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia, and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world. In 2025, CRISIL Ratings reaffirmed its ‘CRISIL AAA/Stable’ rating on the corporate credit facility of DBS Bank India Ltd (DBIL). The rating on the certificate of deposits programme was also reaffirmed at ‘CRISIL A1+’.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 16 consecutive years from 2009 to 2024. In 2025, DBS Bank India was recognised as the Best Bank for Corporate Banking and Best Bank for Corporate Cash Management in India by CRISIL - Coalition Greenwich. Reinforcing its commitment to responsible banking and business practices, DBS was also named Best Bank for Sustainable Finance – India by Global Finance in 2024 and Best Bank for Diversity & Inclusion – India by Euromoney in 2024.
DBS Bank has been present in India for 30 years, opening its first office in Mumbai in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly owned, locally incorporated subsidiary of a leading global bank. As a trusted partner, DBS provides a range of banking services for large, medium, and small enterprises and individual consumers in India, focusing on a seamless customer experience that helps them ‘Live more, Bank less’. In November 2020, Lakshmi Vilas Bank was merged with DBS Bank India Limited. DBS Bank India is now present in ~350 locations in 19 Indian states.
DBS is committed to building lasting relationships with customers as it banks the Asian way and understands the intricacies of doing business in the region’s most dynamic markets. Through the DBS Foundation, the bank creates impact beyond banking by supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
About Haqdarshak
Haqdarshak is bridging the information and access gap between citizens and social protection services (both government and private) using tech and a last-mile field agent network of ‘Haqdarshaks’ (most of whom are women).
The company has digitised (and continues to digitise) information related to government schemes on its multiple digital portals in 14 vernacular languages. Information about the benefits of these schemes is also made available to intended beneficiaries (including MSMEs) through various B2C channels.
‘Haqdarshaks’ use an ‘eligibility-discovery engine’ (via an ‘Agent’ app designed specifically for them) that helps them identify schemes for citizens easily. The Agent app is also used to track the progress of submitted applications. In addition, ‘Haqdarshaks’ are extensively trained on how to liaise with government and bank officials in order to submit applications, overcome roadblocks, and track benefits. Haqdarshak is also working on scaling their latest offerings, ‘Yojana Cards’ and ‘Yojana Kendras’ which are set to build better networks and pathways to social security and financial inclusion.
Present in over 30+ states in India, Haqdarshak has trained more than 45,000 agents so far and provided benefits worth over INR 19,232 crore to over 68 lakh Indian citizens and 93,000+ micro-businesses.
Media Contacts:
DBS Bank India
Rohini Rego
rohinirego@dbs.com
99305 49207
Adfactors PR
Kashni Kadakia
kashni.kadakia@adfactorspr.com
9820562269
