According to data released by RBI, RBI’s Financial Inclusion Index (FI-Index) which measures the amount of financial inclusion across the country stood at 56.4 in March 2022 compared to 53 .9 in March 2021, indicating growth across all segments. The index records data on different facets of financial inclusion in a single value ranging from 0 to 100, where 0 represents total financial exclusion and 100 represents complete financial inclusion. The three general parameters that make up the FI index are access (35%), use (45%) and quality (20%).
Each of these parameters consists of several dimensions and is calculated using a series of indicators. The FI Index was created without using a “base year” and as a result captures all the cumulative efforts of stakeholders over time to promote financial inclusion. The index is published annually.
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First published: Wednesday, August 3, 2022. 13:23 IST