World Bank's Jim Yong Kim believes India's Pradhan Mantri Jan-Dhan Yojana is a model worth emulating across emerging economies. Speaking at a panel discussion on financial inclusion and the challenges of de-risking it Kim praised the government's flagship program.
The panel included a host of dignitaries besides the World Bank President, the U.S. Treasury Secretary Jacob Lew, the governor of the People's Bank of China, the finance ministers of India and Indonesia as well as the UN Secretary-General's Special Advocate for Inclusive Finance for Development, Queen Maxima of Netherlands and the Financial Action Task Force President.
While the benefits of financial inclusion was not lost on anybody, the panel looked to find solutions to challenges like dealing with illicit money and lack of access to information. Finance Minister Arun Jaitley highlighted the fact that India's goal of moving towards a cashless society is aimed at plugging the loophole which lets some money slip through the cracks in the system.
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