Reserve Bank of India Governor Shaktikanta Das on Thursday said that financial inclusion will remain a priority of the RBI to achieve sustainable post-pandemic economic recovery. Speaking at the Economic Times Financial Inclusion Summit, RNI Governor noted that considering the complementary role played by microfinance in bridging the gaps at the last mile, a consultative document for harmonising the regulatory frameworks for various regulated lenders in the microfinance space was issued recently.
The primary objective is to address the concerns relating to the over-indebtedness of microfinance borrowers, enable market mechanism to rationalize the interest rates, and empower the borrowers to make an informed decision by enhancing the transparency of loan pricing. "In order to make the post-pandemic recovery more inclusive and sustainable, financial inclusion would continue to be our policy priority," he said. To measure the extent of financial inclusion in the country, the RBI Governor said that "Financial Inclusion Index" will be constructed and periodically published. The Index will have parameters across the three dimensions of financial inclusion -- Access, Usage and Quality. Work on FI Index is underway and the index will be published shortly by the RBI, Das said.
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