Subhadra Yojana Scheme in Odisha Drives 45% Rise in Savings, 28% in Spending: SBI Research

Odisha’s Subhadra Yojana, a direct benefit transfer scheme for women, has reportedly scaled up since its launch in September 2024. The programme provides ₹10,000 annually in 2 instalments to eligible women aged 21 to 60 with family income up to ₹2.5 lakh. 

Over 1.02 crore women are currently covered, accounting for nearly 77% of the eligible population. Annual disbursements exceed ₹10,000 crore, with the state estimating total expenditure of over ₹50,000 crore by 2029. 

Savings and Account Balances 

A study by State Bank of India Research, based on a sample of more than 1.6 lakh individuals, reported a 45% increase in savings among beneficiaries. Average 6-month bank balances rose from ₹15,146 before enrolment to ₹22,033 after receiving transfers. 

The increase was immediate following each instalment, with balances tapering as funds were utilised for household needs. 

Consumption Patterns 

Spending levels also increased, with average withdrawals rising from ₹6,937 to ₹8,857, showing a 28% rise. The data shows a pattern of higher withdrawals soon after transfers, followed by moderation over time. 

Of the total transfers, 35.7% was spent on routine household expenses such as food, healthcare, and education. Around 25.5% was directed towards small businesses and asset creation, while the rest went into savings, debt repayment and skill development. 

Demographic Trends 

The impact varied across age groups. Women aged 45 and above recorded the highest increase in balances at ₹8,935, while those in the 30-44 age group showed the largest rise in spending at ₹2,270.  

Younger beneficiaries also recorded gains, combining consumption with precautionary savings.  

The effect was more pronounced among financially excluded groups. Illiterate women recorded a 73% increase in savings, while gains among highly educated groups were limited. 

Household Impact and Observations 

The study noted changes in household financial behaviour, including higher overall liquidity and reduced reliance on other family members. Direct transfers into women’s accounts were associated with greater control over spending and savings. 

However, with a large share of the eligible population already covered, the report flagged the need for improved targeting. It suggested periodic revision of beneficiary criteria and linking transfers with livelihood and skilling initiatives. 

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Conclusion  

Data shows a rise in bank balances and spending following transfers, with varied impact across groups. The study notes that future adjustments may be required to improve targeting and sustain outcomes. 

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