Mumbai: The Reserve Bank of India (RBI) on Tuesday introduced the financial inclusion index to capture the extent of financial inclusion in the country. This was part of the announcements made in the first bi-monthly monetary policy in April this year.
Accordingly, the Reserve Bank of India has constructed a composite FI-Index which was announced in the 'Statement on Developmental and Regulatory Policies' in the first 'Bi-monthly Monetary Policy Statement' for FY22. Commenting on the development, RBI said 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 is 53.9 as against 43.4 for the period ending March 2017," RBI said in a statement.
"The FI-Index will be published annually in July every year." As per the statement, the index has been conceptualized as a comprehensive index incorporating details of banking, investments, insurance, postal as well as the pension sector in consultation with the Government and respective sectoral regulators.