Explanation:

Financial Inclusion Index

• It is a comprehensive index incorporating details of banking, investments, insurance, postal as well as the pension sector in consultation with the government and respective sectoral regulators.

• It can be used directly as a composite measure in development indicators.

• It was developed by the RBI in 2021, without any ‘base year', and is published in July every year. 

Aim

• To capture the extent of Financial Inclusion across the country.

• The FI-Index is responsive to ease of access, availability and usage of services and quality of services, consisting of 97 indicators.

Parameters

• It captures information on various aspects of financial inclusion in a single value ranging between 0 and 100, where 0 represents complete financial exclusion and 100 indicates full financial inclusion.

• It comprises three broad parameters (weights indicated in brackets) viz., Access (35%), Usage (45%), and Quality (20%) with each of these consisting of various dimensions, which are computed based on a number of indicators.

• The index is responsive to ease of access, availability and usage of services, and quality of services for all 97 indicators.

Hence both statements are correct.