The U.S. Agency for International Development (USAID) has announced that it intends to collaborate with Prime Minister Narendra Modi's 'Jan Dhan Yojana' initiative, in partnership with over twenty key US, Indian, and international private sector organisations.
This move comes as part of US President Barack Obama's pledge of Washington DC's support for initiatives by the Government of India and to expand meaningful access to financial services and lay the foundation for a world-leading, inclusive digital economy.
During his visit, President Obama had commended Prime Minister Modi's Jan Dhan initiative to prioritize financial inclusion for all of India's citizens.
The partner organisations, with support from the World Economic Forum (WEF) and in consultation with the Government of India, will join in establishing a public-private partnership to expand the ability of Indian consumers and businesses to participate in the formal economy.
Initial partners represent six categories of organisations critical to building the shared economic infrastructure, namely fast moving consumer goods companies (FMCGs), banks, payment networks, mobile network operators, eCommerce, and leading civil society organisations.
Through the Government's Jan Dhan pioneering initiative, over 11 crore new households have received bank accounts, which entitle them to debit cards and other financial tools needed to participate in the formal economy.
