Mumbai: The Reserve Bank's FI-Index, which reflects the extent of financial inclusion across the country, increased to 64.2 in March 2024, showing growth in all parameters.
The index aggregates information on different aspects of financial inclusion into a single value between 0 and 100, where 0 represents complete financial exclusion and 100 represents complete financial inclusion.
"The index value for March 2024 is 64.2 compared to 60.1 for March 2023, with growth seen in all sub-indices," the Reserve Bank of India (RBI) said in a statement on Tuesday.
It said the improvement in the FI-Index has been mainly contributed by the utilization dimension, which reflects the depth of financial inclusion.
The FI-Index comprises three broad parameters – access (35 per cent), utilization (45 per cent), and quality (20 per cent) – each of which comprises different dimensions, calculated on multiple bases. Indicators.
In August 2021, the central bank said that the FI-Index is envisaged as a comprehensive index, covering details of banking, investment, insurance, postal as well as pension sector, in consultation with the government and relevant sectoral regulators.
The index is responsive to the accessibility, availability and ease of use of services and the quality of services.
According to RBI, a unique feature of the index is the quality parameter which captures the quality aspect of financial inclusion as reflected by disparities and deficiencies in financial literacy, consumer protection and services.
The index aggregates information on different aspects of financial inclusion into a single value between 0 and 100, where 0 represents complete financial exclusion and 100 represents complete financial inclusion.
"The index value for March 2024 is 64.2 compared to 60.1 for March 2023, with growth seen in all sub-indices," the Reserve Bank of India (RBI) said in a statement on Tuesday.
It said the improvement in the FI-Index has been mainly contributed by the utilization dimension, which reflects the depth of financial inclusion.
The FI-Index comprises three broad parameters – access (35 per cent), utilization (45 per cent), and quality (20 per cent) – each of which comprises different dimensions, calculated on multiple bases. Indicators.
In August 2021, the central bank said that the FI-Index is envisaged as a comprehensive index, covering details of banking, investment, insurance, postal as well as pension sector, in consultation with the government and relevant sectoral regulators.
The index is responsive to the accessibility, availability and ease of use of services and the quality of services.
According to RBI, a unique feature of the index is the quality parameter which captures the quality aspect of financial inclusion as reflected by disparities and deficiencies in financial literacy, consumer protection and services.
