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: Access - weight 35% Usage - weight 45% 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....
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