A Study on the Barriers in Usage of Formal Financial Products/ Services by Women in the Rural Area of Kabrai Block of Mahoba District of Uttar Pradesh

This study investigates the barriers to the usage of formal financial products and services by women in the rural area of Kabrai block of Mahoba district of Uttar Pradesh. Despite various initiatives aimed at enhancing financial inclusion, women in rural India continue to face significant challenges that restrict their access to formal financial systems. This research identifies both demand-side and supply-side constraints that contribute to this issue. On the demand side, sociocultural norms often limit women's mobility and decision-making power regarding financial matters, while a lack of financial literacy and awareness about available services further exacerbates these challenges. Many women remain unaware of their rights and the range of financial products tailored to their needs. On the supply side, financial institutions frequently overlook the specific requirements of rural women, resulting in products that are not aligned with their agricultural cycles or cash flow patterns. Additionally, the lack of trained personnel who understand the unique challenges faced by these women hinders effective outreach and service delivery. This study employs qualitative methods, including interviews and focus group discussions, to gather insights from women in Kabrai block regarding their experiences with formal financial services. The findings aim to highlight the critical barriers that hinder women's financial participation and propose actionable recommendations for policymakers and financial institutions. By addressing these barriers, this research seeks to contribute to the broader discourse on women's economic empowerment and promote sustainable development in rural communities. Ultimately, enhancing women's access to formal financial products is essential for fostering resilience, improving livelihoods, and driving inclusive economic growth in rural India.