UNDP: Along with per capita income, hey also consider factors like literacy rate, gross enrollment rate to effectively judge the development of a country. 

World Bank: It judges development only on PCI , which is not effective in judging of the development of the country. It considers a country to be developed if it has a high PCI. (If you were asked to sleep in the desert daily, you would refuse even if you are paid to do that. This is the major flaw in WDR's criteria, it doesn't consider quality of life.)