SME Times is powered by   
Search News
Just in:   • Goyal urges textile industry to focus on speed, skill and scale  • Goyal reviews the Amended Technology Up-gradation fund Scheme  • Stage set for pvt investment cycle  • Service rendered by govt, not its agency, only exempt from GST  • Cochin Airport ventures into hydropower production 
Last updated: 17 Aug, 2021  

Accounting.9.Thmb.jpg India gets 'Financial Inclusion Index'

   Top Stories
» Goyal urges textile industry to focus on speed, skill and scale
» Goyal reviews the Amended Technology Up-gradation fund Scheme
» Stage set for pvt investment cycle
» PM interacts with domestic vaccine manufacturers
» Goyal calls for free trade within rules-based multilateral trading system
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."
Print the Page
Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 25 Oct, 2021
  Daily Poll
COVID-19 has directly affected your business
 Can't say
  Commented Stories
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter