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Village residents who opened bank accounts under the Prime Minister's Jan Dhan Yojana (PMJDY) may be saving more and cutting back on their consumption of alcohol and tobacco, a study by the economic research wing of the State Bank of India (SBI) suggests.
This may have also slowed inflation in rural areas. When the PMJDY programme was launched there were fears that higher circulation of money would stoke inflation. The study using retail inflation data showed that states with more than 50% share of Jan Dhan accounts in villages had a "meaningful drop in inflation".
Jan Dhan accounts keep villagers sober, slow rural inflation: Study - Times of India
This may have also slowed inflation in rural areas. When the PMJDY programme was launched there were fears that higher circulation of money would stoke inflation. The study using retail inflation data showed that states with more than 50% share of Jan Dhan accounts in villages had a "meaningful drop in inflation".
Jan Dhan accounts keep villagers sober, slow rural inflation: Study - Times of India
