The Union Minister of Finance and Corporate Affairs, Arun Jaitley launched the Financial Inclusion Index after his Annual Performance Review Meeting with CEOs of the Public Sector Banks in New Delhi.
The index will have three measurement dimensions; (i) Access to financial services (ii) Usage of financial services and (3) Quality.
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 fulfillment of G20 Financial Inclusion Indicators requirements.
It will also facilitate researchers to study the impact of financial inclusion and other macro-economic variables.
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