Financial inclusion is increasingly influence monetary policy and a formal system to gauge it helps, said Michael Patra, deputy governor at the Reserve Bank of India (RBI), on Friday.
The RBI launched a national financial inclusion index (FI-Index) in September, using 97 indicators to gauge financial inclusion. According to it, the country has achieved just about half of its goal in financial inclusion. “Furthermore, a measurable indicator of financial inclusion can be incorporated into monetary policy rules and reaction functions to examine its correlation with output and ...
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