RBI unveils financial inclusion index
The Hindu
The Reserve Bank of India (RBI) on Tuesday announced the formation of a composite Financial Inclusion Index (FI-Index) to capture the extent of financial inclusion across the country.The annual FI-Ind
The Reserve Bank of India (RBI) on Tuesday announced the formation of a composite Financial Inclusion Index (FI-Index) to capture the extent of financial inclusion across the country. The annual FI-Index for the period ended March 2021 stood at 53.9 compared with 43.4 for the period ended March 2017. The FI-Index will be published in July every year, the RBI said in a release. The index has been conceptualised as a comprehensive index incorporating details of banking, investments, insurance, postal as well as the pension sector in consultation with the government and respective sectoral regulators, the RBI said.
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Insurance penetration and density are often misunderstood and do not reveal how many families are insured or whether they would be financially secure if the main earning member were to die. The real issue is not reach but adequacy, as households may have life insurance but not enough cover to replace lost income, leaving them financially vulnerable.
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