News in Short:

Financial Inclusion Index (FI)

It Is Published By Reserve Bank Of India

The value of the FI Index for March 2023 increased to 60.1 as against 56.4 in March 2022.

About FI-Index:

It was introduced in 2021, with the purpose of capturing the extent of financial inclusion across the country.
It comprises three broad parameters –
- Access (35 per cent)
- Usage (45 per cent)
- Quality (20 percent)
Score range: The index captures information on various aspects of financial inclusion in a single value ranging between O and 100.
- O represents complete financial exclusion and 100 indicates full financial inclusion.
Coverage: It incorporates details of banking, investments, insurance, postal as well as the pension sector.

Bima Sugam Platform

Insurance regulator IRDAI has formed a steering committee, which will act as the apex decision making body for creation of Bima Sugam platform.

The overall budget for Bima Sugam has been hiked to Rs 200 crore from around Rs 85 crore.

About Bima Sugam:

Bima Sugam is an electronic marketplace protocol and acts as a one-stop-shop for all insurance-related queries.

Benefits:

It would universalise and democratise insurance.
The paperwork involved in buying a policy will also come down. Settlement of claims and renewal of policies will also become faster as paperwork is reduced drastically.
It will facilitate insurance companies to access the validated and authentic data from various touch points on a real-time basis.

Floods in Bharuch:

19.5

Bharuch, a city in Gujarat, is currently facing a flood-like scenario due to continuous heavy rainfall.

About Bharuch:

Also called Broach, historically Bharukaccha or Bhrgukaccha, it lies along the Narmada River near the Gulf of Khambhat (Cambay) of the Arabian Sea.

About Narmada River:

It enters the Gulf of Khambhat through an estuary 13 miles (21 km) wide, just below Bharuch.
It flows in a rift valley between the Satpura in the south and the Vindhyan range in the north.
It forms a picturesque gorge in marble rocks and Dhuandhar waterfall near Jabalpur.
Origin: It rises from Maikala range near Amarkantak in Anuppur district of Madhya Pradesh.
Drainage: The river flows through Madhya Pradesh, Maharashtra and Gujarat between Vindhya and Satpura hill ranges.
Left Bank Tributaries: Burhner, Banjar, Sher, Shakkar, Dudhi, Tawa , Ganjal, Kundi, Goi and Karjan.
Right Bank Tributaries: Hiran, Tendoni, Barna, Kolar, Man, Uri, Hatni and Orsang.
Multipurpose Project: Sardar Sarovar Dam.