A recent study has evaluated the impact of the Subhadra Yojana, a government initiative designed to provide timely financial support to women and girls, with the aim of strengthening their economic participation and improving household welfare.
Using customer-level data from one of the scheme’s sponsor banks, the State Bank of India (SBI), researchers examined changes in beneficiaries’ financial behaviour, focusing on savings and spending patterns. The findings suggest that the programme has had a measurable and positive effect.
According to the data, most beneficiaries fall within economically active age groups: 46% are aged between 30 and 44, while 31% are between 45 and 59. Around 23% are under 30. In terms of marital status, 65% are married, 21% are single, and 13% fall into other categories, indicating that the scheme largely reaches households with active financial responsibilities.
The study reports a significant rise in savings among beneficiaries. Average monthly account balances increased by approximately 45% after enrolment, compared to non-beneficiaries. Spending levels also saw a notable increase, with consumption rising by around 28%, suggesting improved purchasing power and financial confidence.
Researchers also observed spillover effects within households. Financial data from relatives — including husbands, fathers, and sons — indicated increased savings, pointing to broader improvements in overall family financial stability.
Despite these positive outcomes, the study highlights areas for improvement. It recommends refining the targeting mechanism to better reach households with greater financial vulnerability and more immediate consumption needs.
Experts suggest that the scheme’s long-term impact could be strengthened by linking it with self-help groups (SHGs), skill development programmes, enterprise support, and improved market access.
Additionally, the study calls for a review of the size, timing, and frequency of financial transfers to ensure a better balance between encouraging consumption and promoting sustainable financial security.
