India Now Ahead of China in Financial Inclusion Metrics: SBI Report

Boosted by Pradhan Mantri Jan-Dhan Yojana, digital infrastructure and usage of banking correspondent or BC model for furthering financial inclusion, the number of bank branches per 100,000 adults in India rose to 14.7 in 2020 from 13.6 in 2015, which is higher than Germany, China and South Africa, according to an SBI report. 

The report, which has been authored by Soumya Kanti Ghosh, SBI's group chief economic adviser, states that financial inclusion policies have a multiplier effect on economic growth, reducing poverty and income inequality, while also being conducive for financial stability.