A newly-formed association of banking correspondent (BC) companies has criticised the finance ministry’s ongoing plan to split India into 20 clusters, and to appoint a common BC company for all public sector banks operating in each cluster. In a white paper released on Thursday night, the Business Correspondent Network Managers (BCNM) Forum, a grouping of 25 BC companies, faulted the ministry’s decision on a number of grounds.
The complete story here. For context, see this and this. Or scroll down this page and you will see a bunch of more granular posts on how this finance ministry plan has unfolded since it was first unveiled three months ago.