Q. Consider the following statements about the Reserve Bank of India's Financial Inclusion Index (FI-Index):

1. It functions as a single composite index without any sub-indices for simple macro-comparison.
2. It includes a dedicated 'Quality' parameter measuring financial literacy, consumer protection, and service deficiencies.
3. It uses a flexible base year, recalibrated annually to account for structural shifts in digital payments.

Which of the statements given above is/are correct?
Answer: 2 only
Notes: The FI-Index consists of three sub-indices: Access (35%), Usage (45%), and Quality (20%), so statement 1 is incorrect as it is not a single composite index without sub-indices. Statement 2 is correct; the Quality parameter covers financial literacy, consumer protection, and service deficiencies to ensure meaningful inclusion. Statement 3 is incorrect; the FI-Index does not use any base year, allowing cumulative measurement over time without benchmarking against a specific year. Thus, only statement 2 is correct.