............For years, the RBI has tried to get banks to open branches and reach out to people in India’s 600,000 villages but to little avail — it’s just too cumbersome and expensive. Then in 2010, it extended the definition of BC to include for-profit organisations, and banks quickly made alliances with companies from diverse industries — from consumer goods to telecom and oil companies to agri service providers — that would give them unprecedented access to the unbanked millions. Now, individual agents from these companies double up as retail agents for banks, and use hand-held micro-ATMs to open accounts, collect deposits and hand out withdrawals on the bank’s ..............
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