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.

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

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