Amit Shah Cites World Bank Report That India Achieved 80% Financial Inclusion in Just 6 Years

Union Home Minister Amit Shah on Friday said that under the leadership of Prime Minister Narendra Modi, India has achieved 80 per cent financial inclusion in just six years, as compared to 47 years it would have taken ideally.

Taking to X (formally Twitter), Shah said, “the World Bank takes note that, under the leadership of PM Modi Ji, our nation has achieved 80% financial inclusion in just 6 years, instead of the 47 years it might have taken in the normal course.”

“The G20 report of the bank acknowledges that the robust Jandhan, Aadhar and Mobile Trinity infrastructure built by Modi Ji has empowered millions,” he added.

The report, Shah adds, highlights that India has saved $33 billion through the DBT system.

“Every rupee saved by our nation is a step toward our goal of becoming a fully developed nation during the Amrit Kaal,” he said.

What is the World Bank report?

Shah was quoting a G20 policy document prepared by the World Bank that said that without such as Jan Dhan Bank accounts, Aadhaar, and Mobile phones (the JAM trinity), India may have taken 47 years to achieve financial inclusion rate of 80% which the country has achieved in just six years.

The World Bank document has also recorded that the total value of UPI transactions last financial year was nearly 50% of India’s nominal GDP. “Banks’ costs of onboarding customers in India decreased from $23 to $0.1 with the use of DPI. As of March 2022, India did total savings of $33 billion, equivalent to nearly 1.14% of GDP, due to Direct Benefit Transfer (DBT),” says the World Bank document accessed by News18.

This G20 Global Partnership for Financial Inclusion (GPFI) document has been prepared by the World Bank as an implementing partner of the GPFI with the guidance of and inputs from the G20 India Presidency represented by the finance ministry and the Reserve Bank of India (RBI), it says. India is planning to showcase its successes on the digital payments and financial inclusion front at the G20 Summit in New Delhi this weekend.

The World Bank document says the India Stack exemplifies the DPI approach by combining digital ID, interoperable payments, a digital credentials ledger, and account aggregation.