India has ranked nine out of 21 countries on its financial and digital inclusion efforts, according to the 2015 Brookings Financial and Digital Inclusion Project (FDIP) report. Kenya has ranked one, followed by South Africa and Brazil. Ethiopia came last on the list.
The 2015 FDIP report evaluates and ranks countries based on four dimensions of financial inclusion - the country's commitment to increasing financial inclusion, its mobile capacity, the regulatory environment, and adoption of traditional and digital financial services.
The 21 countries selected are Afghanistan, Bangladesh, Brazil, Chile, Colombia, Ethiopia, India, Indonesia, Kenya, Malawi, Mexico, Nigeria, Pakistan, Peru, the Philippines, Rwanda, South Africa, Tanzania, Turkey, Uganda, and Zambia. The rationale for selecting these countries was that all of them have made recent commitments to financial inclusion and they reflect political, economic, and geographic diversity.
India's overall score was 72 per cent. It scored 100 per cent on its commitment to financial inclusion. This score is based on its digital financial service commitments, its financial inclusion strategy, quantified targets, a dedicated financial inclusion body and surveys which measure financial inclusion. On mobile capacity, which is based on unique mobile subscribership, 3G mobile network coverage, mobile money deployments, domestic transfers through mobiles, bill payment facilities, it scored 78 per cent.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.