Based only on the headline numbers, India’s financial inclusion program seems like a remarkable success. Less than one year after Prime Minister Modi launched the financial inclusion initiative called Jan Dhan Yojana (Hindi for “People Money Scheme”), 158,600,000 bank accounts have been opened. This progress has garnered international headlines, and even set a Guinness World Record for the most new accounts opened in one week (18,096,130 between August 23 and...
What do you think about foreign development aid? Are we sending too much or too little to lesser-developed countries? How about microcredit? Do you side with the defenders or the critics of this controversial approach to fighting poverty? If, like me, you follow global development issues, you probably have an opinion on both topics, which have become perennial (more…)
Financial Thought and the Diaspora I recently came across another excellent article on the importance of reducing remittance fees worldwide. In “Remittances and savings of the diaspora can finance development,” at EurActiv.com, authors Mahmoud Mohieldin (Corporate Secretary and the World Bank President’s special envoy on Millennium Development Goals and Financial Development) and (more…)