News in Short:

• 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.

• 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.

• 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.