IDEAS home Printed from https://ideas.repec.org/a/ids/ijecbr/v28y2024i1p28-43.html
   My bibliography  Save this article

A universal financial inclusion index covering banking, insurance and pension services in India

Author

Listed:
  • Anand Pandey
  • R. Murugesan

Abstract

To create a universal social security system for all Indians, especially the poor and the under-privileged, three social security schemes namely, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Yojana, and Atal Pension Yojana were initiated by the Government of India in 2015. In the paper, a new universal financial inclusion index (FIU) covering banking, insurance, and pension parameters in India are developed. Given that all parameters used in financial inclusion index have separate units, all parameters are normalised using the min-max method of normalisation. The Euclidean distance method is used to assess the distance between any two points in an n-dimensional space. FIU is compared to the financial inclusion index covering banking parameters only. The FIU is a multi-dimensional index that captures values of various banking, insurance, and pension dimensions on the scale of 0 to 1, where 0 indicates complete financial exclusion and 1 indicates complete financial inclusion.

Suggested Citation

  • Anand Pandey & R. Murugesan, 2024. "A universal financial inclusion index covering banking, insurance and pension services in India," International Journal of Economics and Business Research, Inderscience Enterprises Ltd, vol. 28(1), pages 28-43.
    • Handle: RePEc:ids:ijecbr:v:28:y:2024:i:1:p:28-43
    as

    Download full text from publisher

    File URL: http://www.inderscience.com/link.php?id=139289
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ids:ijecbr:v:28:y:2024:i:1:p:28-43. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sarah Parker (email available below). General contact details of provider: http://www.inderscience.com/browse/index.php?journalID=310 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.