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India gets 'Financial Inclusion Index'
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SME Times News Bureau | 17 Aug, 2021
India has got a composite 'Financial Inclusion Index' (FI- Index) to
capture the extent of financial inclusion across the country.
Accordingly,
the Reserve Bank of India has constructed a composite FI-Index which
was announced in the 'Statement on Developmental and Regulatory
Policies' in the first 'Bi-monthly Monetary Policy Statement' for FY22.
On
Tuesday, RBI said the FI-Index has been constructed without any 'base
year' and as such it reflects cumulative efforts of all stakeholders
over the years towards financial inclusion.
"The annual FI-Index
for the period ending March 2021 is 53.9 as against 43.4 for the period
ending March 2017," RBI said in a statement.
"The FI-Index will be published annually in July every year."
As
per the statement, the index has been conceptualised as a comprehensive
index incorporating details of banking, investments, insurance, postal
as well as the pension sector in consultation with Government and
respective sectoral regulators.
"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 viz., 'Access (35 per cent), Usage (45 per
cent) and Quality (20 per cent)' with each of these consisting of
various dimensions, which are computed based on a number of indicators."
In
addition, RBI said 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."
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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