"This could be because of Jan Dhan-Aadhaar-mobile (JAM) trinity, which has helped in better channelising of government subsidies and helped in curbing the unproductive expenditure such as alcohol and tobacco expenses in rural areas," it said. Estimated results indicate that rise in the number of Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts and balance in these accounts lead to a significant fall in crime, it said.
"India is now ahead of China in financial inclusion metrics," the SBI report said. "However, it is important to finetune non-branch BC (business correspondent) models."
It pointed out that although PSBs have taken the lead in financial inclusion, they are now net payers of interchange fee as there is no level-playing field in infrastructure provided by all banks.
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