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Finance Minister Arun Jaitley launches Financial Inclusion Index
Finance Minister Arun Jaitley launches Financial Inclusion Index: Details, Aim, Highlights
Union Minister of Finance and Corporate Affairs Arun Jaitley launched Financial Inclusion Index in New Delhi. It was launched after his Annual Performance Review Meeting with CEOs of Public Sector Banks (PSBs) on 26th September 2018.
About Financial Inclusion Index (FII)
The annual Financial Inclusion Index (FII) was released by the Department of Financial Services (DFS), Ministry of Finance.
Financial Inclusion Index (FII) will be a measure of access and usage of the basket of formal financial products and services that includes savings, remittances, credit, insurance and pension products.
Financial Inclusion Index (FII) has three measurement dimensions (i) Access to financial services (ii) Usage of financial services and (3) Quality. It will serve as the single composite index that will give a snapshot of the level of financial inclusion which will guide the Macro Policy perspective.
Financial Inclusion Index (FII)importance lies on its various components which will help to measure financial services for use of internal policy making.
It can be used directly as a composite measure in development indicators. It will also enable to fulfill G20 Financial Inclusion Indicators requirements. It will also facilitate researchers to study the impact of financial inclusion and other macro-economic variables.
