'Within six years, India has achieved an 80% financial inclusion rate, a feat that would have taken decades without such digital infrastructure,' she said
The FI Index was introduced in 2021 to capture the extent of financial inclusion throughout the country
Payment solutions will allow transactions when connectivity is poor or if there is a systems breakdown
The Policy recommendations in the report include risk based regulation, supervision, oversight arrangements for financial sector use of DPIs, promotion of sound internal governance among others
Financial inclusion is a major step towards inclusive growth which ensures the overall economic development of the marginalised sections of the society, FM Nirmala Sitharaman said
The index has risen to 56.4 in March 2022, against 53.9 as of March 2021
The RBI's composite financial inclusion index (FI-Index) capturing the extent of financial inclusion across the country rose to 56.4 in March 2022, showing growth across all parameters
Financial inclusion will continue to be the policy priority for the central bank, to make the post-pandemic recovery more inclusive and sustainable, Das said
Jaitley said the financial inclusion index would create an element of competition among states with each of them vying for last-mile connectivity in banking