About Financial Inclusion Index:
- The FI-Index has been conceptualised as a comprehensive index incorporating details of banking, investments, insurance, postal as well as the pension sector in consultation with Government and respective sectoral regulators.
- The index captures information on various aspects of financial inclusion in a single value ranging between 0 and 100, where 0 represents complete financial exclusion and 100 indicates full financial inclusion.
- Parameters: The FI-Index comprises three broad parameters, Access (35%), Usage (45%), and Quality (20%) with each of these consisting of various dimensions, which are computed based on a number of indicators.
- The Index is responsive to ease of access, availability and usage of services, and quality of services, comprising all 97 indicators.
- A unique feature of the Index is the Quality parameter which captures the quality aspect of financial inclusion as reflected by financial literacy, consumer protection, and inequalities and deficiencies in services.
- 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 FI-Index will be published annually in July every year.
- The index also includes data from various sectors such as banking, investments, insurance, postal services, and pensions, making it a comprehensive measure of financial inclusion in the country.
