The index is based on 97 indicators, representing ‘access’ or the supply of financial inclusion infrastructure, ‘usage’ or demand for financial services and ‘quality’, or inequality in access and usage due to lack of financial literacy and protection. The index takes values from 0 to 100 and implicitly sets the goal for the RBI – 100 per cent financial inclusion for India.
By 2021, we have passed the halfway mark, doing best in access or the supply of the financial infrastructure, and lagging the most in usage or demand to be financially included.