During his visit to India, President Obama expressed support for Prime Minister Modi's Jan Dhan initiative, which aims to improve financial inclusion across the country. The U.S. Agency for International Development (USAID) announced a partnership with over twenty private sector organizations from the U.S., India, and internationally. These partners will work together to expand access to financial services in India, supporting the Government of India's goal of creating an inclusive digital economy.
The collaboration involves entities from various sectors critical to economic infrastructure development, including fast-moving consumer goods companies, banks, payment networks, mobile network operators, eCommerce platforms, and civil society organizations. Notable partners include Accion, Axis Bank, Bharti Airtel, Citi, Coca-Cola, FICCI, FIS, HSBC, ICICI Bank, IFC, ITC Limited, Janalakshmi Financial Services Pvt Ltd., Marico Limited., MasterCard Inc., Procter & Gamble Co., SAP SE , SEWA Bharat , SnapDeal.com , Telenor ASA , Visa Inc., Vodafone Group Plc , and Yes Bank Ltd.
Through the Jan Dhan initiative led by the Indian government over 110 million households have gained access to bank accounts. This effort provides them with debit cards and other necessary financial tools for participating in the formal economy. Despite this progress only 6 percent of retail establishments in India currently accept digital payments limiting consumer use of these accounts. Expanding payment acceptance requires joint efforts from multiple stakeholders as highlighted by USAID's announcement.