Financial Inclusion Index (FII)

  • The annual FII will be released by Department of Financial Services (DFS), Ministry of Finance.
  • It will be measure of access and usage of basket of formal financial products and services that includes savings, remittances, credit, insurance and pension products.
  • The index has three measurement dimensions
    1. Access to financial services
    2. Usage of financial services and
    3. Quality.
  • It will serve as single composite index that will give snap shot of level of financial inclusion which will guide Macro Policy perspective.
  • Significance of index:
    • Its various components will help to measure financial services for use of internal policy making.
    • It can be used directly as composite measure in development indicators.
    • It will also enable to fulfil G20 Financial Inclusion Indicators requirements.
    • It will also facilitate researchers to study the impact of financial inclusion and other macro-economic variables.