Who introduced financial inclusion in India?

the Reserve Bank of India
The concept of financial inclusion was first introduced in India in 2005 by the Reserve Bank of India. The objectives of financial inclusion are to provide the following: A basic no-frills banking account for making and receiving payments.

What is financial inclusion index?

A multidimensional composite Financial Inclusion Index (FI-Index) has been constructed based on 97 indicators which quantifies the extent of financial inclusion and is responsive to availability, ease of access, usage, unequal distribution and deficiency in services, financial literacy, and consumer protection.

What is financial inclusion index Upsc?

The Financial Inclusion Index is a comprehensive index that will incorporate the details of banking, insurance, investments, pension and postal sectors. The index will be calculated in consultation with the government and respective sectoral regulators. It will be released in July annually.

When did Nigeria introduce financial inclusion?

23rd October, 2012
Encouraged by the positive development, the Central Bank of Nigeria in collaboration with stakeholders launched the National Financial Inclusion Strategy on 23rd October, 2012 aimed at further reducing the exclusion rate to 20% by 2020.

When was the committee on financial inclusion started in India?

2006
In 2006, Government of India constituted a “Committee on Financial Inclusion” which was headed by Dr C Rangarajan, Chairman, Economic Advisory Council to the Prime Minister. The members of this committee were the stalwarts of the Finance & Banking system in the country.

Who was the chairman of committee on financial inclusion?

Financial inclusion may be defined as the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost (The Committee on Financial Inclusion, Chairman: Dr. C. Rangarajan).

What is the rating of RBI First financial inclusion Index 2021?

53.9
The first reading of the RBI’s annual Financial Inclusion (FI) Index for the period ended March 2021 has come in at 53.9, a little over the halfway mark, with 100 being the full financial inclusion score.

What is the base year for financial inclusion Index?

The FI-Index doesn’t have a base year. The FI-Index for the year ended March 2021 is 53.9 as against 43.4 for the year ended March 2017. The index will be published every July.

What is financial inclusion Drishti IAS?

Financial inclusion may be defined as the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost.

Which scheme is related to financial inclusion?

The various schemes relating to financial inclusion are as follows: Pradhan Mantri Jan Dhan Yojana(PMJDY) Atal Pension Yojana(APY) Pradhan Mantri Vaya Vandana Yojana(PMVVY)

What is the financial inclusion rate in Nigeria?

64.1 percent
With a tepid 0.9 percent growth, Nigeria’s financial inclusion rate improved to 64.1 percent in 2020 from 63.2 percent in 2018. This means that its financial exclusion rate slowed marginally from 36.8 percent in 2018 to 35.9 percent in 2020.

What is financial inclusion in Nigeria?

Abstract. Financial Inclusion is a state where financial services are delivered by a range of providers, mostly the private sector, to reach everyone who could use them. Specifically, it means a financial system that serves as many people as possible in a country.