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Digital Financial Inclusion

Posted on : 29 Jan 2020

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  • According to The Economist Intelligence Unit’s 2019 Global Microscope on Financial Inclusion report, the overall environment for financial inclusion has improved globally with India, Colombia, Peru, Uruguay and Mexico having the most favorable conditions for inclusive finance.
  • India is placed among the top nations with the most conducive environment for financial inclusion in terms of allowing non-banks to issue e-money, proportionate customer due diligence and effective consumer protection.
  • Within the overall framework for promoting digital financial inclusion, the report identified four basic enablers - allowing non-banks to issue e-money, presence of financial service agents, proportionate customer due diligence and effective financial consumer protection. Only four countries - Colombia, India, Jamaica and Uruguay - scored perfectly across all four parameters.
  • The Global Microscope for Financial Inclusion, now in its 12th year, is a benchmarking index that assesses the enabling environment for financial access in 55 countries.

Article Related Questions

  1. Recently the Economic Intelligence Unit released a report titled ‘Global Microscope on Financial Inclusion’. In this regard, consider the following statements
    1.Global Microscope on Financial Inclusion is a benchmark index that assesses the enabling environment for financial access across all the countries.
    2.India is among the top nations with the most conducive environment for financial inclusion as per the report.
    Which of the above statements is/are incorrect?

  2. 1.1 only

    2.2 only

    3.Both 1 and 2

    4.Neither 1 nor 2

    Right Ans : 1 only

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