Mumbai: New research by Venator Search Partners, released ahead of International Women’s Day, highlights persistent gender disparity in India’s banking sector, with women holding only 17% of board positions across private sector and small finance banks.
The report, titled “Women on Indian Bank Boards: Visibility, Power and Pathways,” analysed 278 board members across 27 private sector and small finance banks. While regulatory mandates have ensured the presence of at least one woman director on most boards, the findings suggest that progress in diversity has yet to translate into meaningful leadership influence at the highest levels.
According to the study, women occupy just 17% of board seats, signalling that representation remains limited despite ongoing conversations around inclusion. The research also highlights a significant gap between representation and authority within the sector.
One of the most striking findings is that only one woman currently holds an executive board-level role among the banks studied. Most women directors serve in independent positions rather than operational or strategic leadership roles, indicating that decision-making power continues to be concentrated among men.
Among the institutions studied, Ujjivan Small Finance Bank stands out as the most gender-balanced example, with four women directors on a nine-member board, the highest representation across the sector.
The report also shows that the banking sector lags behind broader corporate India on gender diversity. Women account for around 21% of directors across the top 200 listed companies in India, while global markets report between 34% and 44% female board participation.
The distribution of women directors across banks also remains uneven. A majority of institutions continue to operate with minimal female presence, with many boards having only one or two women members. This suggests that several appointments may still be largely driven by compliance considerations following regulatory mandates.
At the same time, the study highlights the presence of a strong and highly qualified talent pool. Women directors typically bring extensive expertise in areas such as risk management, audit, regulation and corporate governance, making them valuable contributors to critical committees such as audit, nomination and remuneration boards.
Commenting on the findings, Deepraditya Datta, Founder of Venator Search Partners, said, “The Indian banking sector has achieved visibility on gender diversity, but the data clearly shows that there’s room for improvement in women participation at Board level. The supply of highly qualified women leaders is strong. What the industry now needs is beyond symbolic inclusion.”
The report concludes that the next phase of progress will depend on whether banks treat gender diversity as a strategic priority rather than a regulatory requirement. As the sector navigates digital transformation, rising ESG expectations and increased regulatory scrutiny, expanding women’s participation in leadership roles could strengthen governance outcomes and enhance stakeholder confidence.
Key Findings from the Report:
- Women hold 17% of board seats across private sector and small finance banks
- The study covered 27 banks and 278 board members
- 47 women directors were identified across the sample
- Only one woman holds an executive board-level role
- Two women serve as chairpersons
- 45 of the 47 women directors are independent directors
- 21 banks have only one or two women directors
- Six banks have more than two women directors on larger boards
- 56% of women directors come from corporate backgrounds
- 25% come from government and regulatory roles
- 18% are entrepreneurs or founders of professional firms
The findings underline the need for a shift from symbolic representation to greater participation of women in strategic leadership roles within India’s banking sector.
