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India ranks 9th in Brookings financial inclusion report card

BS Reporter  |  New Delhi 

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.

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First Published: Wed, August 26 2015. 00:34 IST