India Shrunk Financial Inclusion Targets from 47 Years to 6 With Digital Payment Infra: G20 Doc by World Bank

The World Bank has praised India's transformative impact of Digital Public Infrastructures (DPIs) in the past decade under the Narendra Modi-led government. As part of the G20 Global Partnership for Financial Inclusion the World Bank prepared a document and highlighted the steps taken by the Centre and the pivotal role of government policy and regulation in shaping the DPI landscape.

Prime Minister Narendra Modi on Friday tweeted about the World Bank’s G20 document where the global agency lauded India’s leap in financial inclusion.

The report stated about India’s standout achievements and rapid progress in financial inclusion. The Jan Dhan Yojana (JAM) Trinity, comprising the Pradhan Mantri Jan Dhan Yojana (PMJDY), Aadhaar, and mobile numbers, has played a pivotal role in increasing financial inclusion rates. In six years, India has catapulted its financial inclusion rate from 25 per cent in 2008 to over 80 per cent of adults, the report mentioned. World Bank paper has also lauded the lower cost of compliance for banks for KYC.