RBIs financial inclusion index rises 56.4 In March; shows growth across all segments

3 Aug 2022 , 09:52 AM

The RBIs value of financial inclusion index (FI-Index), capturing the extent of financial inclusion across the country for March 2022 stands at 56.4 vis-?-vis 53.9 in March 2021, with growth witnessed across all the sub-indices, the central bank noted. The Reserve Bank of India had constructed a composite Financial Inclusion Index (FI-Index) to capture the extent of financial inclusion across the country, in consultation with the concerned stakeholders including the Government. The index captures information on various aspects of financial inclusion in a single value ranging between 0 and 100, where 0 represents complete financial exclusion and 100 indicates full financial inclusion. The FI-Index comprises of three broad parameters (weights indicated in brackets) viz., Access (35%), Usage (45%), and Quality (20%) with each of these consisting of various dimensions, which are computed based on a number of indicators. The Index is responsive to ease of access, availability and usage of services, and quality of services, comprising in all 97 indicators. A unique feature of the Index is the Quality parameter which captures the quality aspect of financial inclusion as reflected by financial literacy, consumer protection, and inequalities and deficiencies in services.Powered by Capital Market – Live News