The Reserve Bank of India (RBI) on Tuesday said India’s Financial Inclusion Index (FI-Index) for the year ending March 31, 2022 improved to 56.4 from of the previous year’s 53.9, with growth observed in all its sub-indices, the central bank said in a press release. The index is published annually in July.
The central bank had announced in April 2021 that it would form the index to measure financial inclusion, which is the focus area of the government, the central bank and other regulators.
The RBI developed the Composite Financial Inclusion Index to capture the extent of financial inclusion across the country by including details of banking, investment, insurance, postal and pension sector.
The index consists of three parameters including access, use and quality. The FI index responds to the ease of access, availability and use of services and the quality of services, which consists of 97 indicators.
The quality parameter includes aspects such as financial literacy, consumer protection and inequalities and deficiencies in services.
The index has been constructed without any base year and reflects the cumulative efforts of all stakeholders over the years towards financial inclusion. FAITH
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