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The Reserve Bank of India’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 parameters.
The index stood at 53.9 in March last year. It was at 43.4 for the period ending March 2017, showing rapid improvement in reach of financial services over the past five years.
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.
It comprises three broad parameters — access with 35% weightage, usage with 45% weightage and quality with 20% weightage. It incorporates details of banking, investments, insurance, postal as well as the pension sector.
The Index is responsive to ease of access, availability and usage of services, and quality of services, RBI said.
RBI now publishes the index annually in July every year.
“Also, earnings story still remains strong where sturdy revenue growth is offsetting contraction in profit margins,” he added.According to data with depositories, FPIs infused a net amount of Rs 4,989 crore in Indian equities in July. They were buyers for nine days in the month.
The Indian rupee has depreciated by 5.6% vis-à-vis the US dollar since the Russia-Ukraine war broke out. The US dollar Index has appreciated by 9.9% during the same period, thus indicating that much of the weakness in rupee was in lieu of a strong dollar.
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