Reserve Bank of India to publish Financial Inclusion Index

MUMBAI: In a bid to measure the extent of financial inclusion in the country, the Reserve Bank of India (RBI) will construct and periodically publish a "Financial Inclusion Index" (FI Index).

The FI Index would be based on multiple parameters and shall reflect the broadening and deepening of financial inclusion in the country, a statement on regulatory and developmental policies of RBI said.

To begin with, the FI Index will be published annually in July for the financial year ending previous March. "Financial Inclusion has been a thrust area for the government, the RBI and other regulators, with significant progress made over the years. Financial inclusion has been viewed as a key enabler for achieving inclusive and sustainable development worldwide.

 To measure the extent of financial inclusion in the country, the Reserve Bank of India proposes to construct and publish a FI Index based on multiple parameters," RBI Governor Shaktikanta Das said in a virtual address after the Monetary Policy Committee's bi-monthly meeting.

The RBI also said unutilized External Commercial Borrowing (ECB) proceeds drawn down before March 1, 2020, can be parked in term deposits with banks in India prospectively up to March 1, 2022, in a relief to borrowers who could not utilize the proceeds due to lockdown.

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