India to join UN-based 'Better Than Cash Alliance'

NEW DELHI: India is joining the UN-based ' Better Than Cash Alliance', which promotes transition from cash to digital payments to reduce poverty and drive inclusive growth, the government said today.

"The new partnership with the Better Than Cash Alliance, made up of governments, companies, and international organisations, is an extension of Indian government's commitment to reduce cash in its economy," the Finance Ministry said in a statement.

India joins the Alliance for digitisation of payments to achieve financial inclusion and to share success stories from PMJDY, the world's largest financial inclusion programme, the statement said.

Under PMJDY, in one year, about 180 million new accounts have been opened, with deposits totaling more than USD3.4 billion (223 billion Rupees).

The announcement has come ahead of United Nations Special Summit in New York, where Prime Minister Narendra Modi along with other world leaders will launch Sustainable Development Goals (SDGs).

Commenting on the development, Better Than Cash Alliance Managing Director Ruth Goodwin-Groen said that India's leadership and progress are inspirational for countries around the world.

The Better Than Cash Alliance is a partnership of governments, companies, and international organisations that accelerates the transition from cash to digital payments in order to reduce poverty and drive inclusive growth.