RBI Governor Shaktikanta Das has just unveiled a new financial inclusion dashboard named ‘Antardrishti’. This is a big leap forward in promoting financial inclusion across India. This cutting-edge tool is designed to offer valuable insights that help assess and track the progress of financial inclusion by capturing key parameters.
The Purpose of Antardrishti: Monitoring Financial Inclusion
The Antardrishti dashboard primarily aims to assess and keep tabs on how well financial inclusion is progressing across the nation. By looking at key metrics and indicators, it provides policymakers and stakeholders with a thorough understanding of where we stand in terms of financial inclusion. This real-time monitoring makes it possible to implement focused interventions and initiatives in regions that still struggle with access to financial services.
Internal Use by the RBI
Initially, the Antardrishti dashboard is set to be used for internal purposes at the Reserve Bank of India (RBI). This internal approach helps the central bank understand the nuances of financial exclusion and identify particular regions that need support. By looking at this data from within, the RBI can create effective strategies and collaborate with key stakeholders to foster greater financial inclusion.
Facilitating Financial Inclusion: A Multi-Stakeholder Approach
One of the key advantages of the Antardrishti dashboard is its ability to facilitate greater financial inclusion through a multi-stakeholder approach. By involving various entities, such as financial institutions, regulators, and policymakers, in the decision-making process, the dashboard promotes collective efforts to enhance financial inclusion. This collaborative approach ensures that diverse perspectives and expertise contribute to the development of inclusive policies and initiatives.
Understanding the Financial Inclusion Index
In 2021, the Reserve Bank of India (RBI) devised the Financial Inclusion (FI) Index as a reliable means to accurately gauge the level of financial inclusion. The FI Index considers three crucial dimensions: ‘Access’, ‘Usage’, and ‘Quality’. It encompasses multiple sectors, including banking, investments, insurance, postal services, and pensions. The index condenses various aspects of financial inclusion into a single numerical value that ranges from 0 to 100. The score of zero signifies total exclusion from financial services, whereas a score of 100 signifies comprehensive inclusion in the financial system.