With a view to reduce cash transactions in its economy and achieve financial inclusion, India will be joining the UN-based 'Better than Cash Alliance’. The announcement was made on the first anniversary of Prime Minister Narendra Modi's flagship financial inclusion programme Pradhan Mantri Jan-Dhan Yojana (PMJDY). Partnership with this UN alliance is the extension of Indian government’s commitment to reduce cash transactions in its economy to achieve financial inclusion.
Under Better than Cash Alliance, governments, companies, and international organizations are involved which promote transition from cash to digital payments to reduce poverty and drive inclusive growth. Digital financial services lower the cost of providing financial services and make it more convenient for poor people to access their accounts.
India’s announcement comes ahead of next month’s United Nations Special Summit in New York, when Prime Minister Narendra Modi and other world leaders will launch the adopted Sustainable Development Goals (SDGs). Dr.Ruth Goodwin-Groen, Managing Director of the Better Than Cash Alliance has said that by making the digitization of payments to achieve financial inclusion a top priority, the Indian government is showing its commitment to improving the lives of its people and driving inclusive growth.