Women hold just 17% of board seats across India’s private sector and small finance banks, underscoring a persistent gender imbalance in the sector, according to research released ahead of International Women’s Day.
The study by Venator Search Partners, titled “Women on Indian Bank Boards: Visibility, Power and Pathways,” examined 278 directors across 27 banks. It found that regulatory mandates requiring at least one female director have increased representation on paper, but have yet to translate into meaningful influence in top decision-making roles.
The report found just one woman currently holds an executive board-level role among the institutions studied, highlighting a gap between representation and operational authority.
“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,” said Deepraditya Datta, Founder of Venator Search Partners.
The banking industry also trails broader corporate trends. Women hold about 21% of board positions across India’s top 200 listed companies, compared with 17% in the banking sample.
Globally, female board participation ranges from roughly 34% to 44% in leading markets, placing Indian banking behind both domestic corporate benchmarks and global peers.
Most female directors in the banking sector serve as independent board members rather than executives with operational authority, the research found.
Representation also varies significantly across institutions. Many banks maintain only the minimum required female presence, suggesting appointments may be driven primarily by compliance considerations.
One outlier identified in the study is Ujjivan Small Finance Bank, which has four women directors on its nine-member board — the highest proportion among the institutions analyzed.
Despite the low representation, the report highlights a deep pool of experienced female candidates. Women directors across the sample typically bring expertise in risk management, audit, regulation and corporate leadership, often backed by degrees from leading Indian and international institutions along with professional certifications in finance, law and management.
Their experience places them frequently on audit committees, risk oversight boards and nomination and remuneration panels — key governance bodies in the tightly regulated banking sector.
The report argued that the next phase of progress will depend on whether lenders treat gender diversity as a strategic governance issue rather than simply meeting regulatory requirements.
With banks navigating digital disruption, tighter regulatory oversight and rising environmental, social and governance expectations, broader participation by women in core leadership roles could strengthen governance and investor confidence, the study said.
The study by Venator Search Partners, titled “Women on Indian Bank Boards: Visibility, Power and Pathways,” examined 278 directors across 27 banks. It found that regulatory mandates requiring at least one female director have increased representation on paper, but have yet to translate into meaningful influence in top decision-making roles.
The report found just one woman currently holds an executive board-level role among the institutions studied, highlighting a gap between representation and operational authority.
“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,” said Deepraditya Datta, Founder of Venator Search Partners.
The banking industry also trails broader corporate trends. Women hold about 21% of board positions across India’s top 200 listed companies, compared with 17% in the banking sample.
Globally, female board participation ranges from roughly 34% to 44% in leading markets, placing Indian banking behind both domestic corporate benchmarks and global peers.
Most female directors in the banking sector serve as independent board members rather than executives with operational authority, the research found.
Representation also varies significantly across institutions. Many banks maintain only the minimum required female presence, suggesting appointments may be driven primarily by compliance considerations.
One outlier identified in the study is Ujjivan Small Finance Bank, which has four women directors on its nine-member board — the highest proportion among the institutions analyzed.
Despite the low representation, the report highlights a deep pool of experienced female candidates. Women directors across the sample typically bring expertise in risk management, audit, regulation and corporate leadership, often backed by degrees from leading Indian and international institutions along with professional certifications in finance, law and management.
Their experience places them frequently on audit committees, risk oversight boards and nomination and remuneration panels — key governance bodies in the tightly regulated banking sector.
The report argued that the next phase of progress will depend on whether lenders treat gender diversity as a strategic governance issue rather than simply meeting regulatory requirements.
With banks navigating digital disruption, tighter regulatory oversight and rising environmental, social and governance expectations, broader participation by women in core leadership roles could strengthen governance and investor confidence, the study said.
