Steps India Must Take to Achieve Financial Inclusion

By The Consultative Group to Assist the Poor (CGAP)
Jan 26, 2016 1:35 PM ET

Presented by MetLife Foundation in collaboration with WSJ. Custom Studios, Multipliers of Prosperity takes a look globally at the challenges we face in confronting the issues of financial inclusion. The program dives deep into what’s working, questions what isn’t and finds the possible fixes. Most importantly, the program chronicles the triumphs of people who have taken the steps toward financial stability and the providers who have helped them reach those goals. We explore how financial stability is created, the kind of finance models that have succeeded, and innovative new channels and technology that make for smart solutions. 

India’s financial inclusion campaign has been in the spotlight, winning an entry in the Guinness Book of World Records for the number of bank accounts opened in the shortest period of time (over 18 million accounts in the campaign’s first week).

There’s no doubt the campaign is among the most ambitious government-led financial inclusion drives in history, enabling tens of millions to sign up for an account by filling in a simple form and using India’s unique biometric ID system. As of January 31, more than 125 million new accounts had been opened under the program, called Pradhan Mantri Jan-Dhan Yojana (Prime Minister’s People’s Wealth Scheme, or PMJDY). These accounts were made all the more appealing by the offer of insurance and overdraft facilities and as a way to receive government benefits electronically. Each account holder also gets a Rupay branded debit card.

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