Mumbai: The Financial Inclusion Index (FI-Index) surged to 64.2 in March 2024. It was at 60.1 in March 2023. Data released by the Reserve Bank of India (RBI) showed this.The improvement in the index was due to growth witnessed across all sub-indices.
The Financial Inclusion Index (FI-Index) captures the extent of financial inclusion across the country. It 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.
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The FI-Index comprises of three broad parameters Access (having a weight of 35 per cent in the index), Usage ( weight 45 per cent), and Quality ( weight 20 per cent) with each of these consisting of various dimensions, which are computed based on a number of indicators. The Index is responsive to ease of access, availability and usage of services, and quality of services, comprising in all 97 indicators.
The index has been conceptualised as a comprehensive index incorporating details of banking, investments, insurance, postal as well as the pension sector in consultation with government and respective sectoral regulators. The FI-Index has been constructed without any ‘base year’ and as such it reflects cumulative efforts of all stakeholders over the years towards financial inclusion. The annual FI-Index for the period ending March 2021 was 53.9 as against 43.4 for the period ending March 2017. The FI-Index is published annually in July every year.
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