Why corporate gains alone aren’t enough for true gender equality

This article was first published in the Financial Express on April 10, 2025; https://www.financialexpress.com/business/industry-why-corporate-gains-alone-arent-enough-for-true-gender-equality-3804891/

Corporate India is making significant strides—women directors have risen from 5% in 2014 to 20% in 2025, and the Female Labor Force Participation Rate surged from 23.3% in 2017–18 to 41.7% in 2023–24 (Press Information Bureau, Government of India, 2023). Despite these promising advances driven by proactive government and institutional initiatives, true gender equality remains an unfulfilled promise. Without a shared commitment from both men and women to challenge traditional norms, progress in the workplace risks remaining isolated from broader societal change. This dual reality sets the stage for our exploration of a Tale of Two Spheres—where impressive professional breakthroughs coexist with enduring traditional expectations at home.

A Tale of Two Spheres

Professionally, women have made remarkable advances globally, including in India. Even as workplaces evolve, the domestic sphere continues to demand an unacknowledged “mental load”—the invisible cognitive labor of managing household tasks, scheduling, caregiving, ritualistic religious demands, and keeping track of endless family needs, forcing many women into a relentless cycle of planning and multitasking that is rarely recognized. This imbalance forces capable women into making excruciating choices: pursue professional advancement while juggling disproportionate domestic duties, or retreat from the workforce entirely.

Even when they remain in the workforce, the persistent gender pay gap ensures that their contributions are systematically undervalued. This reality not only stifles individual potential but also curtails broader societal progress (World Bank, 2021; International Labour Organization, 2020).

Entrenched Patriarchy

Patriarchy—a social system where men wield more power than women based on the belief in male superiority, a notion that has seeped into the mindset of both genders.

It is said that good cinema often mirrors the society. Let us consider the 2020 short film Ghar ki Murgi, featuring Sakshi Tanwar, which delivers a potent commentary on domestic realities. In the film, a housewife longs for a moment of respite—a simple, human desire to reclaim personal time. Yet when she contemplates taking a break, her family immediately calculates the financial cost of her absence, reducing her vital contributions to mere numbers. Ultimately, she decides against taking the break, reasoning that she cannot leave her family because vacations are meant to be shared—a decision that underscores her deeply internalized belief that women are not entitled to self-care or personal fulfillment.

Similarly, the OTT-Zee5 film Mrs., a 2024 Hindi-language drama starring Sanya Malhotra, portrays unyielding domestic expectations. The film shows a world where the men are entitled and even the other women, steeped in patriarchal norms, fail to imagine a life beyond traditional roles like cooking and housekeeping.

But what is bothersome are the discussions that erupted on social media and WhatsApp groups following the release of Mrs. Many men questioned why women should be lauded for performing household chores, dismissing tasks like running a washing machine or making rotis as trivial—completely missing the underlying point. At the same time, some women were quick to blame themselves for not raising their children to break this cycle, worrying that such discussions might upset the equilibrium of society. This duality—of external dismissal and internalized self-blame—lays bare the pervasive influence of patriarchy, one that not only restricts women's roles but also perpetuates the very beliefs that keep them confined.

A Collective Call for Change

While economic shifts have boosted women’s participation in formal employment, many men remain insulated by traditional roles. This selective inattention perpetuates a domestic environment where change is painfully slow. Genuine progress, therefore, cannot rest on women alone; it demands a collective, inclusive effort.

True gender equality is not a zero-sum game. It is not about elevating one gender at the expense of the other but about creating a society where every individual—regardless of gender—is empowered to realize their full potential. This vision requires a fundamental rebalancing of responsibilities in both public and private spheres. It is about recognizing every contribution, whether paid or unpaid.

For equality to be truly realized, the progress seen in boardrooms must be mirrored at home. Every breakthrough in the public domain must be accompanied by a corresponding shift in domestic life—a transformation that requires the active participation of both men and women.

In the Final Reckoning

As we stand at the crossroads of progress and possibility, let our rallying cry echo from boardrooms to living rooms. Let this be our clarion call—a future where every daughter, every son, every partner, and every individual can dream freely, work equitably, and live without the weight of outdated norms. When the scales of responsibility and recognition are finally balanced, true freedom and human dignity will flourish. In dismantling these age-old shackles together, we do not simply liberate one gender—we set humanity free.

Breaking the Cycle: Business Families Must Lead in Safeguarding Women

This article was first published in Business Standard on September 12, 2024; https://www.business-standard.com/opinion/columns/breaking-the-cycle-business-families-must-lead-in-safeguarding-women-124091201362_1.html

The recent tragedy at RG Kar Medical College has once again thrust the issue of women's safety into the national spotlight. As the horrific details emerge, the frustration and anger felt by many are palpable. For those of us who vividly recall the outcry following the Nirbhaya case, this feels all too familiar. Despite the countless articles, protests, and promises of reform, here we are again, grappling with another atrocity that shakes our collective conscience.

Frankly, I don’t want to write this article. After Nirbhaya, there was an outpouring of words, and yet, what has changed? The news of another young woman brutalized makes my blood boil, and it’s hard to see how more words will prevent the next tragedy. But there is something I can say, something I can urge: Business families, the backbone of our economy, it is time to take a stand. The nation needs you to be the change.

The Potential Power of Business Families

Business families wield immense power—not just in terms of economic capital, but also in shaping societal norms. The decisions made within these families often set the tone for how women are perceived and treated, not just within the family business, but in society at large. Unfortunately, these decisions are too often swayed by outdated cultural norms, where women are relegated to the background, serving as silent supporters rather than active participants.

Take a moment to reflect: how many women in your family are truly involved in the decision-making processes of your business? Are they empowered to lead, to innovate, to drive change? Or are they merely rubber stamps, there for the sake of appearances?

The Case for Inclusion: A Lesson from Apollo Hospitals

Consider the example set by the women of the Apollo Hospitals family, who recently released a powerful video message pledging to ensure a safe working environment for all women within their organization. These women, who are not just figureheads but active leaders, understand the impact they can have in creating a culture of safety and respect. Their commitment sends a clear message: when women are empowered, they can drive meaningful change.

Business families have the unique ability to foster gender-neutral environments, where women are given equal opportunities to lead and influence. Yet, many remain bound by the constraints of tradition—whether it’s the expectation that daughters will leave the family business upon marriage, or the belief that sons are the rightful heirs to leadership.

But imagine the impact if business families across the nation decided to break free from these constraints. Imagine if they championed their daughters, daughters-in-law, wives, sisters, and mothers, encouraging them to take on leadership roles, to be the voices of reason and compassion in boardrooms dominated by patriarchal norms.

The Responsibility to Lead by Example

The onus is on business families to lead by example. By promoting women within their own ranks, they not only strengthen their businesses but also contribute to a broader cultural shift. A woman who is empowered in her family business is likely to advocate for the safety and well-being of all women in the workplace. She is likely to challenge norms that have long gone unchallenged and to inspire others to do the same.

It’s easy to feel powerless in the face of such heinous crimes as the one at RG Kar, but business families are anything but powerless. You have the resources, the influence, and the platform to effect real change. You have the ability to make your businesses not just profitable, but also pillars of safety and equity.

A Call to Action

I urge you—business families, family businesses—don’t let this moment pass without taking action. Empower the women in your family to be leaders, not just in name but in deed. Create policies that protect all employees, particularly women, from harm. Use your influence to advocate for a society where safety is a given, not a privilege.

Be the change. The nation is watching, and it needs you to lead.

Build a legacy where names like Nirbhaya and Abhaya are never repeated, and candles are lit only in celebration, not in mourning. Pass your enterprises from one generation to the next, while ensuring that what we women hand down to our daughters is empowerment and safety, not candles.

Nurturing diversity and women’s leadership in family enterprises: A call to action

This article was first published in the Economic Times, December 24, 2023; Co-author: Sougata Ray; https://economictimes.indiatimes.com/news/company/corporate-trends/nurturing-diversity-and-womens-leadership-in-family-enterprises-a-call-to-action/articleshow/106247865.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst 

Introduction

In a world where 50% of the population, representing 3.95 billion individuals, is women, it is both a moral imperative and an economic necessity to address the pervasive exclusion of this substantial talent pool from the workforce. The Thomas Schmidheiny Centre for Family Enterprise at the Indian School of Business recently convened a roundtable addressing the pressing issue of Women in Family Business. In the intricate realm of family enterprises, the strategic imperative of empowering women's active involvement goes beyond mere progressive ideals; it is the key to sustainable success.  

Against the backdrop of India's low female labour force participation rate of 24% in 2022, one of the lowest globally, the discussion aimed to explore strategies within family businesses to empower women, thus contributing to elevating this rate and advancing Sustainable Development Goal 5. The focus encompassed nuanced considerations, including factors enabling women's engagement, impediments they face, self-preparation for leadership roles, and the pivotal characteristics of a gender-inclusive family structure.

Drawing from the discussions of the roundtable, this article aims to delve into the critical aspects of promoting women's leadership within family businesses. By focusing on dual role balancing, the importance of support networks, gender inclusivity, and drawing lessons from successful women peers, we can unravel a comprehensive roadmap for transformative change.

Empowering Women's Leadership: Balancing dual roles within the family and the business remains a pivotal concern for women leaders in family enterprises. Successful strategies encompass the delineation of clear boundaries, fostering open communication channels, and implementing flexible work structures. Recognizing and actively addressing these challenges not only promotes women's leadership but also enhances the overall performance of family businesses by tapping into a broader talent pool.

Case studies of successful women leaders navigating the delicate balance between familial responsibilities and professional commitments provide actionable insights. The implementation of flexible work arrangements, tailored mentorship programs, and a commitment to work-life integration emerges as a recurring theme. These strategies empower women within family enterprises, contributing to a more inclusive and adaptive organizational culture that recognizes and values the diverse contributions of women leaders.

The Importance of Support Networks: Building robust support networks is foundational to nurturing the active involvement of women in family enterprises. Research underscores the positive correlation between support systems and the professional advancement of women. Establishing mentorship programs, peer networks, and targeted development initiatives creates a conducive environment that empowers women to overcome challenges, fostering a culture of inclusivity and shared success.

Further exploration into the concept of support networks reveals their impact beyond individual empowerment, influencing the overall resilience of the family enterprise. Mentorship programs, where seasoned women leaders guide the next generation, accelerate leadership development and facilitate the transfer of tacit knowledge and values across generations. Peer networks, characterized by shared experiences and collaborative problem-solving, emerge as dynamic catalysts for innovation and adaptability, creating a vibrant ecosystem for women's active participation.

Promoting Gender Inclusivity: A call to action for family enterprises involves deliberate efforts to dismantle gender stereotypes and promote the active involvement of women. Rigorous adherence to merit-based practices, equal opportunities, and policies addressing gender bias are pivotal in creating an environment where women's talent thrives. The economic and social benefits of gender diversity are well-documented, reinforcing the urgency for family enterprises to prioritize and champion this cause.

The strategic importance of promoting gender inclusivity is underscored by research indicating a direct correlation between diverse leadership teams and enhanced business performance. Fostering an organizational culture that actively seeks and values diverse perspectives positions family enterprises for innovation and resilience in a complex and competitive global landscape. The integration of gender-inclusive practices becomes not only a moral imperative but a strategic imperative for long-term success and relevance.

Leadership Lessons from Successful Women Peers: Drawing lessons from successful women leaders within family enterprises provides invaluable insights. Their journeys serve as blueprints for navigating challenges and seizing opportunities. Documenting and disseminating these narratives not only highlights the transformative power of women's leadership but also inspires the next generation. By fostering a culture of shared experiences and mentorship, family businesses can cultivate a reservoir of women leadership talent poised for sustained success.

In examining leadership lessons from successful women peers, it becomes evident that these narratives extend beyond individual accomplishments to embody collective wisdom. The power of storytelling in transmitting organizational values and fostering a sense of shared identity cannot be overstated. By documenting and disseminating these narratives, family enterprises create a repository of knowledge that transcends generations, ensuring a seamless transfer of women's leadership acumen and a perpetuation of the values that underpin the business.

Conclusion

In conclusion, the imperative for empowering women's active involvement in family enterprises transcends mere rhetoric; it is a strategic imperative for long-term viability. As we embark on this transformative journey, let us remember that embracing women's leadership is not just a moral obligation but a sound business strategy. By fostering a culture that values and empowers every woman member, family enterprises can harness the full spectrum of talent, ensuring a legacy that stands resilient against the test of time. The future of family businesses lies in the hands of leaders who recognize the power of women's active involvement, making it not only a call to action but a commitment to lasting prosperity.

Overcoming Barriers and Unlocking Potential

This article was first published in the Economic Times on September 29, 2023. Co-author: Sougata Ray.

The role of women in family businesses has been a subject of enduring debate and scrutiny. Traditionally, women within business families have encountered barriers that limited their participation in key decision-making processes and leadership roles. However, the past few decades have witnessed significant transformations in social, economic, and cultural spheres, leading to a reevaluation of gender roles in family businesses. It In this article, we argue that recognizing and promoting women's participation in family businesses is not merely a matter of gender equality, but a strategic imperative that can have far-reaching implications for the success and sustainability of such businesses.

Women in Family Businesses

Historical Perspectives: The historical treatment of women in family businesses has often been marked by discrimination and exclusion. Women were frequently relegated to secondary roles, if not entirely barred from participating in the decision-making and operational aspects of family enterprises. Such traditional norms and practices stemmed from deeply entrenched patriarchal structures within both family and society. However, as society has evolved and become more inclusive, there is growing recognition that women possess valuable skills and attributes that can contribute significantly to the success of family businesses.

Shifting Paradigms: Recent years have witnessed remarkable examples of women breaking through barriers and excelling in leadership roles within family businesses. Both locally and globally, numerous success stories highlight the significant contributions of women in various sectors, underscoring the transformative impact of female leadership. The success stories proove that when given equal opportunities, women can demonstrate exceptional leadership qualities and drive business growth.

Feminine Leadership Characteristics: One key aspect that sets women apart in leadership roles is their possession of traditionally feminine characteristics. These characteristics, such as loyalty, concern for others, sensitivity, patience, problem-solving, and conflict resolution skills, are highly relevant in the context of family businesses. Effective leadership in family businesses often requires managing complex family dynamics and reconciling multiple viewpoints. Women, with their well-developed social skills and inclination towards maintaining harmony, are well-suited to address these challenges through collaboration and consultation.

Enriching the Talent Pool: In addition to their leadership qualities, the participation of women in family businesses can significantly enhance the talent pool within these enterprises. Historically, family businesses have relied heavily on a limited set of family members to fill leadership and expert roles. The inclusion of women in these roles can broaden the family's skill set, bringing fresh perspectives, diverse expertise, and innovation to the business.

Preparing Women for Family Business Roles

Early Socialization and Education: To realize the potential of women in family businesses, it is imperative that both men and women within business families are actively socialized from an early age. This socialization process should involve garnering knowledge of the business and receiving the necessary education and training to prepare them for future roles within the family enterprise. Early exposure to the business environment can help women and men develop a strong foundation of business acumen and leadership skills.

Beyond Individual Preparation: While individual preparation is crucial, the effectiveness of women in family business roles is also contingent upon systemic changes within both the family and the business. Preparing women for leadership roles must go beyond tokenism and address structural and cultural barriers that may hinder their progress.

Systemic Changes for Gender Diversity

Ownership and Inheritance: One of the fundamental challenges in promoting gender diversity in family businesses is addressing issues related to ownership and inheritance. Traditionally, these matters have favored male heirs, perpetuating gender imbalances. To rectify this, family businesses must reevaluate their succession plans and adopt more equitable approaches to property and asset distribution.

Next Generation Grooming: Effective succession planning involves grooming the next generation of leaders, irrespective of their gender. Family businesses should invest in comprehensive leadership development programs that prepare both women and men to take on leadership roles within the company. These programs should focus on building the skills, knowledge, and confidence necessary to lead effectively.

Redefining Family Roles: The inclusion of women in family businesses necessitates a redefinition of traditional family roles. Family members should be encouraged to break free from traditional gender expectations, allowing individuals to choose their roles within the family and the business based on their interests and competencies.

Dynamics of Family Relationships: The involvement of women in family businesses can sometimes strain family relationships due to the increased complexity of overlapping roles. Effective communication, conflict resolution, and family governance mechanisms are essential for maintaining healthy relationships while managing business responsibilities.

Work-Life Balance: Balancing family responsibilities with business commitments is a challenge faced by both men and women in family businesses. Supportive policies, such as flexible work arrangements and family-friendly policies, can help address this issue and create a conducive environment for all family members involved in the business.

The involvement of women in family businesses is a topic of growing significance in today's evolving business landscape. While historical discrimination and exclusion have limited their participation, there is ample evidence to suggest that women can excel in leadership roles within family enterprises (and beyond). Their feminine leadership characteristics, combined with the potential to enrich the talent pool, make them valuable assets to family businesses.

To harness this potential, active socialization, education, and grooming of both women and men within business families are essential. Furthermore, systemic changes within family and business structures are necessary to ensure meaningful gender diversity that goes beyond tokenism. Such changes will not only benefit women but also the entire family business system and society at large, leading to greater sustainability and success in an ever-changing business environment.

Considering the prevailing trend towards smaller nuclear families, the integration of women into family businesses seems not only natural but also inevitable. Therefore, the question is not whether women should be involved in family businesses, but how best to prepare and support them in their dual roles within the family and the business for the benefit of all stakeholders.

Give Her Wings to Fly

This article was first published in the Times of India, March 08, 2022

Men are from Mars. Women are from Venus. There is no denying the differences.

There are obvious differences in size and anatomy. They did matter when it was required that people went hunting to provide food for their families. It also mattered, and still matters, when hard labour or physical strength was/is required. But does the physical strength matter so much when most of the work is automated, digitized, and brain power has become more important than muscle power in most of the industries?

Psychological differences also exist. Research has consistently shown that women are more emotional, sensitive, anxious, and friendlier. Men are more assertive and open to new ideas. This has been found to be true across cultures, indicating that the difference is biological rather than cultural.

There have been women who transcended all biases, disadvantages, and segued into territories reserved for men. This article is about the norm. The norm is that the Gender Inequality Index shows vast inequality between men and women. That many governments and organizations such as the UN are taking steps to bring about gender equality. As a result, we have come far from where we were a few decades ago. Yet, we are far from equality. Change is happening. It’s just not happening at the speed we want it to. Why?

Mindset: We have come a long way from the days when most girls did not go to school and formal school education for girls was a rarity rather than a norm. The male-female literacy gap has consistently reduced from a peak of 26.62 per cent in 1981 to 16.68 per cent in 2011. The Census 2021 data is awaited but this gap is expected to have reduced further due to the enactment of the Right to Education Act in 2009, ongoing efforts for hygiene, separate toilets for girls, and slowly yet steadily changing cultural and societal norms. A good education is the steppingstone to a good career. It gives one the foundation to think creatively and the confidence to charge ahead.

Consequently, women are charging ahead. Though, the gap remains huge. Many corporations are now starting to recognize the gap, acknowledge it, talk about it, and pledge to narrow it. For example, HDFC Bank published data on representation of women at different levels of management in their annual report and set a target for improvement.

All the above are welcome improvements. But there are biases that keep many girls from pursuing an aggressive career. Statements such as, “your place is at home”, “you must come back home by 7pm”, “you must not travel”, impede growth at work and prevent women from utilising their full potential. These are not things people would say to a man.

It is time the society realises that women are not a subset of men. They are their own identities and have their own aspirations. Don’t weigh us down by biases, expectations, and preconceived notions of what is appropriate for us to do.

Mental Load: It is a known fact that women take on greater burden of household chores. Increasing levels of education, awareness, and changing demography has also resulted in larger percent of women in managerial and senior management roles. The gradual shift in mindset has made households more open to seeking external help for chores, outsourcing day care of children, and technology is aiding in reducing time taken to do many chores. Though none of this can be generalized, there is certainly a positive shift in general.

Yet, the percent of women that reach the top management teams in organizations remains dismal. Why? Even though many of us manage to keep afloat when at relatively junior levels in the organization, at senior levels of management, it becomes difficult to balance the requirements of the job along with the expectations at home. Our hands are freer. Our minds remain cluttered. Our load has changed its form, like energy. We may not be doing a lot of work on our own, but we need to get it done. At senior management levels also, most of the work entails getting work done, guiding, and crisis management. Women do that at work, and also at home.

The challenge is that it is difficult to explain mental load. I get asked many times, “what do you do at home? You have help for everything. What challenges?” At other times we are told to simply “ask for help”. The assumption when we are told to ask for help is that we are responsible for that task, not our partner. So, the burden of getting something done remains with the woman.

Another challenge is that we women ourselves have grown up seeing our mothers do more physical work at home, be physically present, and a “Mother India” image of being an ideal parent. This notion leaves us in a shroud of guilt for not being a “good parent”, for having fun, for not sacrificing enough, and for being ambitious. This leads us to greater anxiety, worrying, trying to compensate in different ways, and generally, unhappy.

Men: I asked a few male friends to read Indira Nooyi’s book, “My Life in Full.” None of them said No. But to the best of my knowledge, none of them did. On the other hand, many of them did read Harsh Mariwala’s Harsh Realities. Why? This is a loaded question and points to the unconscious bias that exists in the minds of men, as well as women.

Discounting women and their achievements is the biggest disservice that men, and even women, inflict on women. When men succeed, and their career is their only job, most of the times, it is due to their skills. When women succeed, despite taking on unreasonable share of household responsibilities, it is “because” they have a supportive husband. Family support is a must to be able to work uninhibitedly, for men, as well as for women. Most husbands who help their wives at home make it sound as though they are doing a favor to their wife. They are not. The house and the household belong to the men as well and so must its responsibilities.

While many of us try and create an external support system of creches and daycares and nannies, it only helps us do a 9 to 6 job. Not beyond that.

Last Word: To bring about any meaningful change and achieve true gender equality, mindset must change at the societal as well as individual level, mental load should be acknowledged and shared, and men must equally involve in bringing about change rather than treating it as a “women’s issue”.

Educating a girl child is like giving her wings. But then not supporting her to give her best, is like not giving her the sky to fly, despite the wings.

Pandemic Puts India’s Diversity Record to a Test

This article was first published in the Risk Intelligence, GARP, July 02, 2021

https://www.garp.org/risk-intelligence/culture-governance/conduct-ethics/a1Z5d000008elqaEAA

The banking system has stood out with high-profile women CEOs, but a national gender diversity index has declined

Gains in gender diversity, among other inequality issues getting high-level policy attention before COVID-19 struck, have been set back since. It is a harsh reality now being faced in India, one of the countries hit hardest by the coronavirus.

The big emerging market’s banks were held out as exceptions to old norms, with several major institutions led by women, but the departures of some of them now stand out, at least symbolically, as reminders of a persisting gender gap.

The global backdrop, as described by International Monetary Fund chief economist Gita Gopinath in the fund’s spring 2021 Finance & Development publication, is that “low-skilled workers, women, and youth – who are vastly over-represented in jobs where social distancing is difficult or impossible – experienced the largest increases in unemployment in many countries, exacerbating pre-pandemic inequalities.”

An IMF working paper in March on women in the so-called she-cession, a study of 38 advanced and emerging economies, found “over half to two-thirds exhibiting larger declines in women’s than men’s employment rates.”

Legislating a Standard

Official measures to promote women’s advancement in Indian corporations included the Companies Act of 2013, Section 149 (1), requiring listed companies to have at least one woman on their board. By 2020, 17% had women directors, up from 4% in 2013.

However, a 2020 gender balance scorecard from 20 First shows that of the 175 executive team members in the top 20 Indian companies, only 6% (11) were women. Seven of the companies had women on their executive teams.

Discriminatory factors can be more or less subtle: exclusionary and “men’s club” environments, sexism in recruiting, males ignoring or disrespecting female colleagues, and pay disparities. In the World Economic Forum Global Gender Gap Index for 2021, India fell 28 places, to 140th out of 156 countries. Women’s labor force participation decreased to 22.3%, from 24.8% the year before.

Iceland is the world’s most gender-equal country, India ranks 140th, according to the World Economic Forum Global Gender Gap Index. India is farther below the population-weighted average (♢) in the Economic Participation and Opportunity subindex.

Exception to the Rule

India’s banking industry stood in contrast to the “dominant norm” of gender asymmetry across the corporate sector. It was one of the first instances of an emerging market employing gender quotas and women leaders to promote diversity. HSBC’s Naina Lal Kidwai, UBS’ Manisha Girotra, Axis Bank’s Shikha Sharma and ICICI Bank’s Chanda Kochhar rose to the top of their respective organizations.

Besides being run by women, these banks employed relatively more women at each level. One study estimated that between 2001 and 2011, hiring of women officers in banks increased to 14.45% from 6.69%, with smaller growth seen in subordinate and clerical positions. By 2019, the banking, financial services and insurance (BFSI) sector was just under 20% women, and 50% parity was projected by 2027 for the 100 Best Companies for Women in India. 

According to primeinfobase.com, there has been a steady increase in the number of women employed as board members in private and public sector banks, insurance companies, non-banking financial companies (NBFCs) and asset management firms. The percentage of women board members on Nifty 100 companies rose to 16% in 2021 from 7% in 2012, while at NBFCs it jumped to 18.43% from 3.68%.

Changes at the Top

Among other things, the trend is credited to one of the largest private banks, ICICI Bank, for nurturing women leaders during a period of economic liberalization and expansion. Chanda Kocchar in 2009 was the first ever female CEO at an Indian bank.

However, Kocchar, Sharma of Axis Bank and Usha Ananthasubramanian of Allahabad Bank had untimely exits due to governance issues at their respective banks. In addition, declining percentages of women board members at two major public sector banks between 2020 and 2021 – State Bank of India’s to 4.5% from 6%, and Punjab National Bank’s to 11% from 14%, according to primeinfobase – could be worrying from a diversity perspective if it is more than a temporary blip.

As investors and other stakeholders continue to be vocal about the need for corporate diversity, and more research reveals the benefits of gender parity, women in the critical financial services sector could lead a real cultural revolution in India. The industry has genuinely gone beyond just ticking off a list of regulatory requirements and token gestures, given its past record of female representation on boards, in senior management positions and at other levels.

HDFC Bank provided diversity data in its annual report, stating, “We strive to create and maintain an inclusive work environment for all our employees irrespective of gender, caste, creed, color, sexual orientation, religion, among others.”

HDFC Bank, India’s largest private bank, in its 2020-21 annual report, disclosed diversity indicators, acknowledging the gaps and pledging improvements. The bank has a target of 25% women in its workforce (excluding frontline staff and sales officers) by fiscal year 2025 and says it is “working simultaneously on talent acquisition, as well as talent retention.”

Women role models in leadership positions give hope and impetus to millions of others to dream big – an impact that can be compounded if the industry stays on course as an exceptional North Star for others.