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    BusinessFinancial Inclusion Index Shows Widening Access to Banking, Insurance Across India

    Financial Inclusion Index Shows Widening Access to Banking, Insurance Across India


    The latest Financial Inclusion Index (FI-Index) figures show positive growth in access to financial services across the country. According to data released by the Reserve Bank of (RBI), the index stood at 64.2 in March 2024, a rise from 60.1 the previous year.

    The FI-Index is a comprehensive measure that tracks various dimensions of financial inclusion annually on a scale of 0 to 100. It considers factors such as availability, usage and quality of banking, insurance, postal services as well as pension plans. An improvement was witnessed across all sub-indices, reflecting enhanced availability and usage of financial products over the past year.

    Access to financial amenities grew with more common citizens now able to open bank accounts or obtain loans and insurance plans. Parameters also saw increases in the number of branches,deposit accounts and usage of digital payments. Service quality enhanced through measures like streamlined processes and better consumer .

    The progress was driven by a deepening of financial access as indicated by robust usage numbers. Ongoing efforts by regulatory bodies and private organizations are yielding results in bringing more population segments into the formal financial fold on a continuing basis. Index values have trended upwards since calculations began showing a cumulative effect of inclusion programs.

    With financial services touching new communities and demographics, the path toward full participation in the monetary system continues extending across India. Collaborative initiatives aim to take inclusion beyond metropolitan regions and help realize the vision of an inclusive digital for all citizens nationwide.

    The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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