MPW 2025: 'Family is the elephant in the room', says Devina Mehra on what still holds women back

For all the progress India’s financial sector has made, one uncomfortable truth still defines the journey of most women professionals. Their careers rise fast and then stall. While sharing her views at The Most Powerful Women in Business event, Devina Mehra, CMD, First Global, says the biggest roadblock is not policy or capability but conditioning. “We talk about organisations and women, but not about the elephant in the room -- the family and society, and what they expect of women,” she said.

Mehra, among the earliest women in India’s investment banking world, recalled often being the only woman in the room but never questioning her right to be there. The problem, she noted, is not ambition but socialisation. “A man will apply for a role if he meets 50% of the requirements. A woman waits to meet all of them.” She urged women to take control of their finances, calling financial independence the “last frontier”. She also said that confidence does not equal competence. Even highly qualified women outsource their investment decisions to men in the family.

Building on the theme, Praveena Rai, MD & CEO, MCX, said organisations have largely fixed the basics such as maternity policies, leave structures and flexibility. Now the real work lies in mentorship and mindset.

“There is a critical mid-phase when life gets complex — children, care giving, responsibilities. Women must break psychological barriers and believe these boundaries can be crossed,” she said.

Rai also flagged the tokenism still visible in boardrooms. “There’s always one woman on every board. Why not two? Why not more?” she said.

Salila Pande, MD and CEO of SBI Cards and Payment Services, highlighted how India’s maturing financial system has made regulatory compliance deeply collaborative. “Operations, compliance, risk and governance must move together. Women’s empathy and inclusivity make this easier,” she noted.

But she also pointed to India’s low 25% female labour force participation which is far behind countries like the US and South Korea. The social mindset, she warned, remains a bigger barrier than organisational policy. “Motherhood is a critical juncture. Without support, the best talent drops off,” Pande said.

Priti Rathi Gupta, Founder of LXME, offered a hopeful counterpoint. “The future of ethical, trust-led, empathy-driven finance is feminine,” she said, adding that women’s natural inclination toward compliance and customer-first thinking gives them an edge.

But she cautioned that self-doubt is still the biggest career killer. “It’s not capability. It’s the narrative women tell themselves. And multitasking — glorified as a superpower — holds women back more than it helps,” Rathi said.