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India's monetary policy financially inclusive by design: RBI DG Patra

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Financial inclusion shaping rate-setting decisions now: RBI's Michael Patra

Financial inclusion lowest in rural and agriculture-dependent areas where food is the main source of income, say deputy governor.

Financial Inclusion | monetary policy | RBI

Anup Roy  |  Mumbai 

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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First Published: Fri, December 24 2021. 14:07 IST