Thursday, Mar 28 2024 | Time 21:36 Hrs(IST)
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Business Economy


Jaitley launches Financial Inclusion Index

New Delhi, Sep 24 (UNI) Union Finance Minister Arun Jaitley on Tuesday introduced the Financial Inclusion Index (FII) which will be a measure of access and usage of a basket of formal financial products and services.
The department of Financial Services would release the annual FII that includes savings, remittances, credit, insurance and pension products. The index will have three measurement dimensions -- Access to financial services, usage of financial services and quality, Mr Jaitley said this after his annual performance review meeting with CEOs of the Public Sector Banks here.
The FII would be introduced in January, next year, Mr Jaitley said.
The Minister said the single composite index gives a snap shot of level of financial inclusion that would guide Macro Policy perspective. The various components of the index will also help to measure financial services for use of internal policy making.
“Financial Inclusion Index can be used directly as a composite measure in development indicators. It enables fulfilment of G20 Financial Inclusion Indicators requirements. It will also facilitate researchers to study the impact of financial inclusion and other macro-economic variables,” he added.
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