The World Bank chief Jim Yong Kim on Friday said that the “strong visionary leadership” of Prime Minister Narendra Modi has resulted in “extraordinary effort” by India on financial inclusion of its people.
The World Bank in a report released this week said by January 2015, 125 million bank accounts had been opened under the Pradhan Mantri Jan Dhan Yojna launched in August 2014 for comprehensive financial inclusion with the goal of opening a bank account for every household in India.
As a point of comparison, a 2013 survey had found that fewer than 400 million people in the country had an account, the Bank said in a report.
“This is an extraordinary Indian effort,” Kim said at a panel discussion here organised on the sidelines of the annual Spring meeting of the International Monetary Fund and the World Bank.
Kim attributed this to the “strong visionary leadership” of Modi and the Reserve Bank of India Governor Raghuram Rajan. Kim also said access to financial services can serve as a bridge out of poverty.
