RBI's financial inclusion index spurts in quarter ended March 2024

There has been an impressive spurt in financial inclusion levels in the country, according to a latest update from the Reserve Bank of India (RBI). In consultation with the concerned stakeholders including the Government, the Reserve Bank of India had constructed a composite Financial Inclusion Index (FI-Index) to capture the extent of financial inclusion across the country, which was first published in August 2021 for the FY ending March 2021. The FI-Index for the year ending March 2024 has since been prepared. The value of the Index for March 2024 stands at 64.2 vis-vis 60.1 in March 2023, with growth witnessed across all sub-indices. Improvement in FI-Index is mainly contributed by Usage dimension, reflecting deepening of financial inclusion.

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