The Reserve Bank of India (RBI) Governor Shaktikanta Das launched the financial inclusion dashboard, ANTARDRIHSTI on June 5th 2023. By recording pertinent metrics, the dashboard, as the title implies, will give the necessary knowledge to evaluate and track the development of financial inclusion.
Financial Inclusion aimed to provide access to affordable and appropriate financial products and services, such as savings accounts, credit, insurance, and payment systems. The provision of critical financial services to people and businesses is ensured by financial inclusion.
It can also be used to keep money safe, conduct trades, set money aside for the future, borrow money for purposes both personal and professional, and safeguard themselves from monetary risks.
Digital financial services, including mobile banking, digital wallets, and online payments, have grown in importance as a result of the quick development of technology. It also encourages individuals and businesses to move from informal financial arrangements to formal financial channels.
In order to address the regions, this facility will also make it possible to assess the degree of financial exclusion at localised levels across the nation. Through a multi-stakeholder approach, the dashboard, which is currently designed for internal use within the RBI, would further encourage broader financial inclusion.
The Reserve Bank has supported financial inclusion by implementing a number of policy initiatives. The Financial Inclusion (FI) Index was created by RBI in 2021 to assess the level of financial inclusion based on three criteria: “Access,” “Usage,” and “Quality.”
The apex bank’s efforts to further enhance financial inclusion in the nation have taken another step forward with the unveiling of the dashboard today. Also, the bank issued a draft on Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System Operators.
Subsequent to the draft, the apex bank also invited the comments for the draft in which you can suggest on or before June 30th 2023.
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