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Measuring Financial Inclusion: A State-Level Analysis

In: Moving Beyond Barriers

Author

Listed:
  • Shika Saravanabhavan

    (Entrepreneurship Development Institute of India
    Institute for Social and Economic change)

  • Meenakshi Rajeev

    (Indian Institute of Technology
    Institute for Social and Economic change)

Abstract

This chapter advances the discussion on India’s financial sector by developing a comprehensive, multi-dimensional Financial Inclusion Index for the period 1994–2017. Unlike existing indices that provide a combined assessment, this index offers separate evaluations for rural and urban areas, recognising the distinct nature of financial inclusion challenges across regions. The index uniquely incorporates indicators from both scheduled commercial banks and cooperative institutions (Primary Agricultural Credit Societies (PACSs)), thereby capturing the broader structure of India’s financial system. Further unlike most other studies that rely on arbitrary weighting schemes, we use factor analysis to arrive at the weighting scheme for the indicators, ensuring robust results. Overall, this new index enhances our understanding of spatial disparities in financial access and is more representative of India’s financial landscape.

Suggested Citation

  • Shika Saravanabhavan & Meenakshi Rajeev, 2026. "Measuring Financial Inclusion: A State-Level Analysis," Palgrave Studies in Impact Finance, in: Moving Beyond Barriers, chapter 3, pages 41-60, Palgrave Macmillan.
    • Handle: RePEc:pal:psifcp:978-981-95-1066-5_3
    DOI: 10.1007/978-981-95-1066-5_3
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