“This could be because of the Jan Dhan-Aadhaar-Mobile (JAM) trinity, which has helped in better streamlining of government subsidies and helped curb unproductive expenditure like alcohol and tobacco expenditure in rural areas, “It said. The projected results show that the increase in the number of Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts and the balance in these accounts has led to a significant decline in crime.
“India is now ahead of China” financial inclusion Metrics,” the SBI report said. “However, it is important to fix the non-branch BC (business correspondent) model.”
It pointed out that though PSBs have played a leading role in financial inclusion, they are now net payers of interchange fees as there is no equal opportunity in the infrastructure provided by all banks.