Women have made important contributions to the banking industry around the world. In Nepal, however, the situation is different.
With that said, women’s roles in Nepalese society and the economy are evolving. Women have been actively engaged in traditionally male-dominated fields such as finance, medicine, law, and aviation. For many Nepalese women, the banking sector is becoming increasingly appealing.
Historically, office work was reserved for men, but with the passage of time and the rising literacy rate among Nepalese women, the majority of women now chose banking as their preferred professional path.
Without a doubt, some competitive females have had plenty of success in this field. Women are effective in their roles as primary breadwinners and hard workers.
Nonetheless, good family support is essential, as it will overcome any obstacles, including social conventions. The banking sector in Nepal is currently welcoming gender diversity. However, in comparison to men, there are few women in this field currently. Female participation is increasing in the banking industry, which was previously controlled by men.
Without a doubt, women dominate the bank’s clerical and officer positions; however, few make it to the top. In a society where women’s primary responsibilities are child rearing, domestic tasks, and household management, their participation in competitive industries such as banking is a significant barrier.
In recent years, the banking industry has taken a number of steps to promote gender equality in the workplace. However, it is possible that a small number of senior-level female executives will not be enough to bring true equality to a traditionally male-dominated business.
According to the report, women control more than half of the worldwide banking sector. The situation in Nepal is slightly different, since banks have recognized the importance of gender diversity in the workplace.
Nepal Bank Limited employs 993 women out of a total of 2504 people, according to the most recent data. Out of 1063 workers at the Nepalese Central Bank (NRB), 256 are women. Similarly, Rastra Banijya Bank has 906 female employees out of a total of 2106 employees. (source: NRB)
The data reveals a positive sign of gender mix, which is in a growing phase. Some of the prominent women in the sector includes:
Anupama Khunjeli, CEO of Mega Bank, who is also the first female CEO,
Samata Pant, Deputy CEO of Nepal Bank
Rabina Deshraj Shrestha, Deputy CEO of Mega Bank
Aarati Rana, Deputy CEO of Sunrise Bank, and there are a few other names to mention.
They are role models and leaders, not just female bankers. In comparison to men, the number of women at the top is still lower. Due to a variety of variables, many males are able to advance to the top-level faster than women.
Commercial banks are required by the Company Act to have at least one woman on its Board of Directors. The majority of commercial banks have complied with this provision, while others are in the process of doing so. As a result, Nepal’s legal requirements have been significantly skewed in favor of women’s advancement in the banking sector.
Closing the Gap
Diversity in the workforce opens the way for innovative and effective banking performance. Inclusion of women in financial services would not only address the issue of gender inequality, but it would also help to close the gender gap.
Experts have stated that financial stability can only be achieved if the gender gap is narrowed. However, the gloomy findings of GLOBAL GENDER GAP 2020 suggest that gender parity in every sector will take nearly a century to achieve.
One cannot deny that, like in every other industry, the gender gap still exists in banking, and that more has to be done to close it. The positive news comes from all sides of government, and commercial banks are aware of laws that might provide women with equal chances as males.
Through the active participation of qualified and competitive females in the banking business, the gap is closing. The disparity should not deter capable women from advancing in their careers and contributing to overall financial development.
“Women are the genuine architects of society,” as Cher once said. They represent society’s true essence, and we should give them with the finest possible platform to effect change.
However, change must begin with breaking down mental barriers, which is a difficult task. In every industry, including banking, changes have been gradual. Banks provide a great career path for hardworking and talented women.
Despite the tremendous social barriers, women are doing everything they can to advance through the chances provided by banks. From a legal to a social standpoint, the growth and inclusion of women should be prioritized.
Transportation, flexible duty hours, daycare centers, and accessible transfer procedures, among other things, can help women overcome employment hurdles in the banking sector. Similarly, training and motivating programs can help to prevent sexual harassment and promote equality.
Gender equality isn’t a quick cure, and it’s impossible to transform a male-dominated society overnight. The financial sector in Nepal, on the other hand, is providing equal possibilities to women who want to work and succeed. Furthermore, banking is a better environment for a woman to rise to the top.