Financial Inclusion Index

It's pretty obivious that India has a pretty poor score in terms of Financial Inclusion, but just how poor is the question. Traditional indicators like the number of bank accounts per thousand adults or the credit-to-GDP ratio are often used, but don't always convey the correct picture. So, for instance, Russia has amongst the highest number of bank account per thousand adults (2245 versus India's 627) but its credit-to-GDP ratio is just 24.1% to India's 36.9%. Which figure one should use while calculating Financial Inclusion? Argentina, similarly, has a higher number of bank branches per ten thousand adults than India (13.7 versus 9.4) but a credit-to-GDP ratio that's less than a third (10.3% versus 36.9%). Mandira Sarma of ICRIER has developed a single index of Financial Inclusion that tries to capture all facets of Financial Inclusion-it includes, for instance, the actual usage of banks accounts which is what really matters instead of just the number of bank accounts. The Index shows India's ranked 50th out of 100 countries.
Inputs by Sunil Jain.

Index of Financial Inclusion
IFI Rank Country
1 Spain
4 Germany
17 UK

21 USA
32 China
44 Brazil
50 India
60 Indonesia
69 Bangladesh
83 Russia