Financial Inclusion Index

Current Context : RBI released Financial Inclusion Index for March 2024.

• The value of the Index for March 2024 stands at 64.2 vis-à-vis 60.1 in March 2023

ABOUT FINANCIAL INCLUSION INDEX:

• It is a comprehensive index incorporating details of banking, investments, insurance, postal as well as the pension sector.
• 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.
• It includes three broad parameters viz., Access (35%), Usage (45%), and Quality (20%).
• It is published annually in July.
• The index is responsive to ease of access, availability and usage of services, and quality of services.