RBI introduces the Financial Inclusion Index
The Reserve Bank of India (RBI) has introduced the Financial Inclusion Index (FI-Index). FI-Index is a measure of the extent of financial inclusion in India. It also includes details of banking, investments, insurance, postal and pension sectors in the country.
- The FI-Index was created without any ‘base year’.
- The annual FI-Index for the period ending March 2021 is 53.9 as against 43.4 for the period ending March 2017.
- RBI will release FI-Index annually in July month.
Financial Inclusion Index (FI-Index) Value/Range:
- 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.
Financial Inclusion Index (FI-Index) Parameters:
- The FI-Index is based on three (3) broad parameters (weights indicated in brackets) viz., Access (35%), Usage (45%), and Quality (20%) with each of these consisting of various dimensions, which are computed based on a number of indicators.
About RBI –
- Headquarters: Mumbai
- Founder: British Raj
- Founded: 1 April 1935, Kolkata
- Governor: Shaktikanta Das
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