Financial Inclusion Index improved to 60.1 from 56.4 from the March previous year.
As per the RBI, the value of the Financial Inclusion Index has grown across all sub-indices.
Mainly Usage and Quality dimensions contributed to improvements in the FI Index. This reflects the deepening of financial inclusion.
The Index for the FY ending March 2021 was at 53.9.
This index was at 43.4 for the period ending March 2017.
The Financial Inclusion Index (FI-Index) captures the extent of financial inclusion across the country.
It was first published in August 2021 for the FY ending March 2021.
The value of the index ranges between 0 and 100, where 0 represents complete financial exclusion and 100 represents full financial inclusion.
It consists of three broad parameters-access (35% weightage), usage (45% weightage), and quality (20% weightage).
Major schemes like Pradhan Mantri Jan Dhan Yojana, Aadhaar and the expansion of mobile connectivity have significantly contributed to the progress of financial inclusion over the years.
