The partnership seeks to build on the momentum for financial inclusion efforts created by the government's Jan Dhan Yojana, the US Embassy said in a statement today.
The agency along with over 20 US, Indian and international private sector organisations plans to support Indian government's programme "to expand meaningful access to financial services and lay the foundation for a world-leading, inclusive digital economy".
Initial partners are spread across six categories -- Fast Moving Consumer Goods Companies (FMCGs), banks, payment networks, mobile network operators, e-commerce, and leading civil society organisations.
According to the statement, USAID looks forward to working with each to make financial inclusion a long-lasting and sustainable reality in India.
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"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 to participate in the formal economy," it noted.
The statement said that Jan Dhan efforts have caught the attention of the world and showcase India's global leadership in building an inclusive economy.
During his just-concluded visit, American President Barack Obama had commended Prime Minister Narendra Modi's Jan Dhan Yojana.
Citing recent estimates, the statement said that only six per cent of retail establishments in India accept digital payments. "Building a widespread payments acceptance network to meet this challenge requires collective action," it added.