In News:
RBI Governor Launches Financial Inclusion Dashboard ‘Antardrishti’
Important Points:
- RBI Governor, Shaktikanta Das, recently introduced ‘Antardrishti,’ a new financial inclusion dashboard.
- The primary objective of this dashboard is to offer valuable insights and monitor the progress of financial inclusion by capturing relevant data. This initiative further demonstrates the RBI’s dedication to promoting financial inclusion through collaboration with multiple stakeholders.
Assessing Financial Exclusion at a Local Level:
- One notable feature of the ‘Antardrishti’ dashboard is its capability to assess the extent of financial exclusion at a local level across India. By identifying regions with higher levels of financial exclusion, policymakers can focus on implementing targeted measures to address these gaps and promote greater financial inclusivity.
Internal Use and Multi-Stakeholder Approach:
- While initially designed for internal use within the RBI, the ‘Antardrishti’ dashboard is expected to play a crucial role in facilitating financial inclusion. Embracing a multi-stakeholder approach, the dashboard aims to involve various entities such as government agencies, regulators, and financial institutions in the collective effort to enhance financial inclusion in the country.
The Financial Inclusion Index:
- In 2021, the RBI developed the Financial Inclusion (FI) Index, a comprehensive tool to measure the extent of financial inclusion. The FI-Index integrates information from different sectors, including banking, investments, insurance, postal services, and pensions. It provides a holistic assessment of financial inclusion, assigning a single value ranging from 0 to 100, where 0 represents complete financial exclusion, and 100 signifies complete financial inclusion.
Parameters and Dimensions of the FI-Index:
- The FI-Index consists of three broad parameters with varying weightage: Access (35%), Usage (45%), and Quality (20%). Each parameter encompasses various dimensions computed using a range of indicators. Evaluating these dimensions allows policymakers to gain insights into the effectiveness of financial inclusion efforts and identify areas that require further attention.
Enhancing Financial Inclusion Policies:
- The launch of the ‘Antardrishti’ dashboard marks another significant step taken by the Reserve Bank of India to promote financial inclusion. It reinforces the RBI’s commitment to implementing policy initiatives that support financial inclusion. By leveraging the insights provided by the dashboard, policymakers can make informed decisions to enhance financial inclusion measures and bridge the gap between the underserved and mainstream financial systems.
