During President Obama's visit to India, he praised Prime Minister Modi's Jan Dhan initiative aimed at promoting financial inclusion for all Indian citizens. As part of the U.S. commitment to support this significant goal of the Indian government, the U.S. Agency for International Development (USAID) announced that over twenty major private sector organizations from the U.S., India, and other countries plan to collaborate with USAID. This partnership is intended to aid India's efforts in expanding access to financial services and fostering an inclusive digital economy.
The World Economic Forum will support these partners as they work with the Indian government to establish a public-private partnership. The aim is to enhance Indian consumers' and businesses' ability to engage in the formal economy.
The initial group of partners spans six key sectors essential for developing this economic infrastructure: Fast Moving Consumer Goods Companies (FMCGs), banks, payment networks, mobile network operators, eCommerce companies, and leading civil society organizations. These partners include Accion, Axis Bank, Bharti Airtel, Citi, Coca-Cola, FICCI, FIS, HSBC, ICICI Bank, IFC, ITC Limited, Janalakshmi Financial Services Limited (JFS), Marico Limited (Marico), MasterCard Worldwide (MasterCard), Procter & Gamble Co., SAP SE (SAP), Self Employed Women's Association (SEWA), Snapdeal.com Pvt Ltd., Telenor ASA Group Company A/S , Visa Inc., Vodafone Group Plc., and Yes Bank Ltd.. USAID anticipates working closely with these organizations to ensure that financial inclusion becomes a sustainable reality in India.
Through India's pioneering Jan Dhan initiative led by the government over 110 million new households have opened bank accounts granting them access to debit cards along with other necessary financial tools needed for participation within the formal economy; showcasing India's global leadership towards creating an inclusive economy . The partnership aims at furthering this progress toward achieving lasting financial inclusion amidst current estimates indicating only six percent of retail establishments accepting digital payments thereby limiting consumers’ abilities on account usage alongwith new digital payment solutions available today which necessitates collective action towards building extensive payments acceptance networks addressing these challenges effectively .