‘The Reserve Bank of India’s (RBI) financial inclusion (FI) index increased to 56.4 in March 2022 showing growth across all parameters. The index was 53.9 in March 2021.
About FI index
Published annually in July, FI index shows the extent of financial inclusion across India by incorporating details of banking, investments, insurance, postal, and pension sector in consultation with the government and respective sectoral regulators.
It does not have any base year.
It comprises three broad parameters: Access, with a weightage of 35%; Usage with 45% weightage; and Quality with 20% weightage. It comprises 97 indicators.
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.
A unique feature of the Index is the Quality parameter which captures the quality aspect of financial inclusion through financial literacy, consumer protection, and inequalities and deficiencies in services.
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