According to the US Agency for International Development (USAID), the initiative is part of President Barack Obama's pledge to back India's initiative to provide its citizens with access to financial services and lay the foundation for a world-leading, inclusive digital economy.

"With support from the World Economic Forum, these partners, in consultation with the government of India, will join in establishing a public-private partnership to expand the ability of Indian consumers and businesses," the statement said.

The initial partners represent six categories of organisations fast moving consumer goods companies, banks, payment networks, mobile network operators, e-commerce, and leading civil society organisations including Axis Bank, Bharti Airtel, Coca-Cola, ITC Limited, MasterCard, SnapDeal among others.

"USAID looks forward to working with each to make financial inclusion a long-lasting and sustainable reality in India," it said. Under the Jan Dhan initiative, over 110 million new households have received bank accounts, which entitle them to debit cards and other financial tools needed to participate in the formal economy.

"These efforts have caught the attention of the world and showcase India's global leadership in building an inclusive economy," said the statement.

Latest News  from Business News Desk