Financial Inclusion: Strategy, Index and Schemes
A new national strategy, an index at 70.0 and the schemes behind it, as RBI and the government state them.
Financial inclusion means getting affordable, suitable financial services (a bank account, credit, insurance, pension, remittances) to households and small businesses that the formal system has left out. In India it runs on three things an RBI Grade B candidate should know cold: a national strategy, an index that measures progress, and a set of government schemes.
The strategy changed recently. The National Strategy for Financial Inclusion (NSFI) for 2019-2024 has been replaced by NSFI 2025-30, released on 1 December 2025. Answers that still quote only the older document now read as dated.
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NSFI 2025-30 in Brief
NSFI 2025-30 was approved by the Sub-Committee of the Financial Stability and Development Council (FSDC-SC) at its 32nd meeting and released by RBI Governor Sanjay Malhotra. It was framed under the Technical Group on Financial Inclusion and Financial Literacy (TGFIFL), after consultations with the Department of Economic Affairs, the Department of Financial Services, SEBI, IRDAI, PFRDA, NABARD, the National Skill Development Corporation and the National Centre for Financial Education.
RBI describes its approach as a synergistic ecosystem, focused on the quality and consistency of last-mile access and on actual use of financial services, not just account opening. It sets five strategic objectives, called the Panch-Jyoti, and a menu of 47 action points.
The Five Objectives (Panch-Jyoti)
- 1
Availability and use
An equitable, responsible, suitable and affordable bouquet of financial services, for the financial safety and security of households and micro enterprises.
- 2
Women and resilience
A gender-sensitive approach for women-led financial inclusion, with differentiated strategies to build the financial resilience of underserved and vulnerable households.
- 3
Livelihoods
Linking livelihood, skill development and support ecosystems with financial inclusion.
- 4
Financial education
Using financial education as a tool to promote financial discipline.
- 5
Customer protection
Stronger, more reliable customer protection and grievance redressal.
The Financial Inclusion Index (FI-Index)
RBI's single number for how included the country is, introduced in August 2021.
- Scale
- 0 to 100, where 0 is complete exclusion and 100 is full inclusion. It covers banking, investments, insurance, postal and pension services.
- Parameters and weights
- Access 35%, Usage 45% and Quality 20%, built from 97 indicators in all.
- Quality
- The distinctive parameter: it captures financial literacy, consumer protection, and inequalities and deficiencies in services.
- Base year
- None. The index reflects cumulative effort over the years.
- Publication
- Annually, in July.
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FI-Index Values Published by RBI
| Period ending | FI-Index |
|---|---|
| March 2017 | 43.4 |
| March 2021 | 53.9 |
| March 2025 | 67.0 |
| March 2026 | 70.0 |
The Schemes Behind the Numbers
The government's National Mission for Financial Inclusion is Pradhan Mantri Jan-Dhan Yojana (PMJDY). As the Department of Financial Services sets it out:
- check_circleA basic savings bank deposit (BSBD) account for anyone without another account, opened at a bank branch or a Business Correspondent (Bank Mitra) outlet.
- check_circleNo minimum balance requirement, and interest is paid on deposits.
- check_circleA RuPay debit card with accident insurance cover of ₹1 lakh, raised to ₹2 lakh for PMJDY accounts opened after 28 August 2018.
- check_circleAn overdraft facility of up to ₹10,000 for eligible account holders.
- check_circleEligibility for Direct Benefit Transfer (DBT) and for the linked schemes: Pradhan Mantri Jeevan Jyoti Bima Yojana (life insurance), Pradhan Mantri Suraksha Bima Yojana (accident insurance), Atal Pension Yojana (pension) and MUDRA (credit for micro units).
How the Exam Tests This
Phase 1 General Awareness turns this into recall MCQs: which parameter carries the most weight in the FI-Index (Usage, at 45%, not Access), the latest index value, how many objectives or action points NSFI 2025-30 has, and the PMJDY accident cover. The common trap is the year: quoting NSFI 2019-2024 as the current strategy, or last year's FI-Index value. In Phase 2, inclusion questions reward answers that go past account numbers to usage and quality, which is exactly the shift the new strategy and the index weights make.
FAQs
What are the main financial inclusion schemes in India?expand_more
PMJDY is the national mission for basic bank accounts. PMJDY accounts are eligible for DBT and for PMJJBY (life insurance), PMSBY (accident insurance), Atal Pension Yojana and MUDRA loans.
What is the latest National Strategy for Financial Inclusion?expand_more
NSFI 2025-30, released by RBI on 1 December 2025. It has five objectives (the Panch-Jyoti) and 47 action points, and follows NSFI 2019-2024.
What is the current value of RBI's FI-Index?expand_more
70.0 for the year ending March 2026, up from 67.0 in March 2025, as released by RBI on 16 July 2026.
What are the three parameters of the FI-Index?expand_more
Access (35%), Usage (45%) and Quality (20%).
Next steps
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