Tuesday, December 1, 2009

Now, Open A Bank Account In A Grocery Shop - India

RBI has allowed entities like individual kirana/medical/fair price shop owners, PCO operators, agents of government-sponsored small savings schemes, insurance agents, petrol pumps owners and retired teachers to act as ‘business correspondents' (BCs) of banks. A notification by the RBI said that allowing banks to appoint BCs (agents in common parlance) was part of its financial inclusion initiative.


Can't wait for this to backfire. And it WILL!

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