Single Composite Index to give a snap shot of level of financial inclusion
The Union Minister of Finance and Corporate Affairs, Shri
Arun Jaitley launched the Financial
Inclusion Index after his Annual Performance Review Meeting with CEOs of the
Public Sector Banks in New Delhi today.
Department of Financial Services (DFS), Ministry of Finance
will release an Annual Financial Inclusion Index (FII) which will be a measure
of access and usage of a basket of formal financial products and services that
includes savings, remittances, credit, insurance and pension products.
The index will have three measurement dimensions;
to financial services
(ii) Usage of financial services and
The single composite index gives a snap shot of level of
financial inclusion that would guide Macro Policy perspective.
The various components of the index will also help to
measure financial services for use of internal policy making. Financial
Inclusion Index can be used directly as a composite measure in development
It enables fulfillment of G20 Financial Inclusion Indicators
requirements. It will also facilitate researchers to study the impact of
financial inclusion and other macro-economic variables.
This will be released on January, 2019.
Its various components will help to measure financial services for
use of internal policy making.
It can be used directly as composite measure in development
indicators. It will also enable to fulfil G20 Financial Inclusion Indicators