The Reserve bank of India (RBI) composite financial inclusion index (FI-Index) capturing the extent of financial inclusion across the country rose to 56.4 in March 2022, showing growth momentum across all parameters.

The index records data on different facets of financial inclusion in a single number ranging from 0 to 100, where 0 denotes total financial exclusion and 100 denotes complete financial inclusion. The value of the financial inclusion  Index for March 2022 is 56.4 compared to 53.9 in March 2021, with rise seen across all sub-indices, according to a statement from the RBI.

The central bank stated in August of last year that the index was conceptualized as a thorough one, including information on the banking, investments, insurance, postal, as well as the pension sector, in cooperation with the government and relevant sectoral regulators. The three broad factors that make up the FI-Index are Access (35%) Usage (45%), and Quality (20%). Each of these parameters has many dimensions and is calculated using a number of indicators.

The FI-Index was created without the use of a "base year," and as a result, it captures all of the stakeholders' cumulative efforts over time to promote financial inclusion. Now, the index is released once a year.

The FI-Index has been constructed based on 97 indicators which quantify the extent of financial inclusion and is responsive to availability, ease of access, usage, unequal distribution and deficiency in services, financial literacy, and consumer protection.

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