CRISIL LIMITED 
By CRISIL Inclusix 2012 scores released today; index shows highest rise in 3 years
CRISIL today released the latest scores for CRISIL Inclusix, its financial inclusion index, based on the latest data (as on March 31, 2012) provided by the Reserve Bank of India. The index measures financial inclusion up to the level of each of the 638 districts in India.
Says Roopa Kudva, Managing Director & CEO, CRISIL: "India's overall CRISIL Inclusix score has risen by 2.7 in fiscal 2012 - the highest annual increase since 2009. As many as 587 out of a total 638 districts in India and 34 out of 35 states and Union territories improved their scores, reflecting a broad-based improvement in financial inclusion."
The growing momentum in financial inclusion can be seen in the following trends:
1. A significant rise in new savings accounts across the 5 regions - north, south, east, west and north-east. Overall, 79 million new savings accounts were opened in fiscal 2012, 12.6% more than in fiscal 2011.
2. Agricultural credit accounts have grown at 11.1%, which is the most since fiscal 2009.
3. The number of bank branches in the bottom 100 districts has increased by 6%, faster than the all-India growth of 5.6%.
The four key elements driving the CRISIL Inclusix score up by 2.7 in fiscal 2012 were:
1. New deposit accounts in three regions - north, south and east. This contributed 42% to the rise in CRISIL Inclusix.
2. The north, by adding 2.4 million new credit accounts, contributed 11% to the index's increase.
3. Almost 30% of the 5,125 new branches were added in the south, which contributed 9% to the increase.
4. Credit penetration in the top 50 districts jumped significantly as small-borrower accounts surged.
Nevertheless, at 42.8 on a scale of 100, the all-India CRISIL Inclusix score reflects under-penetration of formal banking in the country. Just one in two Indians have a savings account and one in seven has access to bank credit. There are wide disparities in access to financial services, too. While India's six largest cities have 10% of India's bank branches, the bottom 50 districts have merely 2% of the bank branches.
About CRISIL Inclusix
CRISIL Inclusix is a unique index to measure the extent of financial inclusion in India across its 638 districts. It uses a statistically robust, transparent, and easy-to understand methodology. It is a relative index on a scale of 0 to 100, and combines three critical parameters of basic banking services - branch penetration, deposit penetration, and credit penetration -into one metric. Over time, as consistent and comprehensive data become available, additional services such as insurance, non-banking financial services and microfinance could be included in the index.
December 30, 2013
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Tanuja Abhinandan Communications and Brand Management CRISIL Limited Phone : +91 22 3342 1818 Mobile : +91 98 192 48980 Email : tanuja.abhinandan@crisil.com Shweta Ramchandani Communications and Brand Management CRISIL Limited Phone : +91 22 3342 1886 Mobile : +91 96 191 05070 Email : shweta.ramchandani@crisil.com | Pawan Agrawal Senior Director CRISIL Ratings Phone : +91 22 3342 3301 Email : pawan.agrawal@crisil.com Somasekhar Vemuri Director CRISIL Tel: +91 22 3342 3106 E-mail: somasekhar.vemuri@crisil.com |
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December 30, 2013
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