FINANCIAL INCLUSION INDEX (FII)

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Topic - inclusive growth and issue arising from it  
paper GS3 mains   
          
  • The reserve bank of India introduced a financial inclusion index to capture the extent of financial inclusion across the country.
  • FII includes the details of banking, investment, insurance, postal, and pension sectors.
  • It capture information on various aspects of financial inclusion in a single value ranging between 0 to 100, where 
    • 0 = represents complete financial exclusion 
    • 100= represents complete financial inclusion 
  • The index comprises the 3 broad parameters:
    1. Access - weight 35%
    2. Usage - weight 45%
    3. Quality- weight 20%
  • The Index is responsive to ease of access availability, usage of services and quality of services comprising in all 97 indicators.

A unique features of the index is the quality parameter - which capture of financial inclusion as reflected by financial literacy, consumer protection, inequalities and deficiency in services.

Note- FII will be published in every year in July. 

 

Read more 》》

Monetary policy = repo rate, reverse repo rate 


sources

 https://www.rbi.org.in/scripts/FS_PressRelease.aspx?prid=52068&fn=2754

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