RBI's Financial Inclusion Index rises to 64.2, but credit gaps persist: Deputy Governor

RBI's financial inclusion index, which captures the extent of financial inclusion across the country, with four iterations published till date, has increased from 60.1 in March 2023 to 64.2 in March 2024, showing a YoY increase of 6.82 per cent.

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While this progress is appreciable, credit gaps still exist in the system, which may be attributed, amongst others, to a lack of documentation available with the individuals/ entities in the informal system and of awareness regarding the various government schemes. Hence, there is a need to make concerted efforts to fill them, stated M Rajeshwar Rao, Deputy Governor, Reserve Bank of India, at HSBC's event for Financial Inclusion in Mumbai.