The S&P Global Company, CRISIL, is a pioneering global analytics company offering data, ratings, research, analytics, and solutions to MSMEs, corporate companies, investors, and global financial institutions. The analyses and solutions offered by CRISIL assist in determining the decisions taken by lenders, issuers, borrowers, intermediaries, investors, and regulators.

CRISIL launched India’s inaugural financial inclusion index, CRISIL Inclusix (hereinafter referred to as “the Index”), in 2013. Inaugurated by the then finance minister, P Chidambaram, the Index evaluates three service players—banks, MFIs, and insurers. These service providers are assessed on four factors: credit, branch, insurance, and deposit. The Index also inculcates life insurance data in its index methodology, so as to elevate the inclusivity of the indicator. It is a distinctive index to quantify the level of financial inclusion across 666 (as of 2016) of 718 districts (as of January 2019) in 36 states and union territories of India.

The CRISIL Inclusix measurement score has 100 as its top score. The level of inclusion is considered high on a score of 65 or above. It is above average in the range of 50.1 to 65.0 and below average in the range of 35.0 to 50.0. The score is considered low at below 35.

As for the fiscal year 2016, the financial inclusion score of India, according to CRISIL Inclusix 2018, was 58.0, on a scale of 100. There were 14 districts in India having a CRISIL Inclusix score of 100, as of fiscal 2016. Also, there were 19.6 crore total credit accounts in India with banks or microfinance institutions (MFIs), and 164.6 crore total deposit accounts in India. The total bank branches in India stood at 1.35 lakh. The total life insurance accounts were 34.4 crore whereas the total number of National Pension System (NPS) subscribers were 1.23 crore.

According to CRISIL Inclusix 2018 report, the primary driver of financial inclusion is the Pradhan Mantri Jan-Dhan Yojana (PMJDY)—launched in August 2014—with 31 crore deposit accounts opened under its auspices as on February 14, 2018. The initial phase of PMJDY involved taking universal access to banking facilities in all the areas; then followed the phase of accessing credit, pension, and insurance services.

The Index report (2018) also applauds the ambitious policy measures initiated by the government that led to the inclusion of the marginalised sections into the sphere of insurance and social security services. Such bold policy measures include National Health Protection Scheme (NHPS), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and the Atal Pension Yojana (APY).

In the APY scheme, during the fiscal years 2013 and 2016, 75.2 lakh subscribers were added to the NPS. As a result, the NPS coverage propelled nearly thrice to 18.7 in the fiscal year 2016. PFRDA reported that there are practically 1.45 crore subscribers of the APY and 1.20 crore subscribers have NPS accounts as of February 2019.

As per the CRISIL Inclusix 2016 report, Kerala scored 90.9. Goa scored 100, considering elevated branch, insurance, and deposit diffusion. Rajasthan scored less with 50.9 in 2016 fiscal whereas Haryana scored 67.7 (owing to fairly well deposit and credit diffusion).