.............Banks are nervous because the new arrangement creates a monolithic BC firm. "They might blackmail us," says the SBI banker. "And if the BC firm fails to deliver, the entire financial inclusion programme will come to a standstill." "It (monopoly) is not something that should be discussed now, because for the last six years, we have been trying out various execution models," counters Manish Khera, managing director of FINO, India's largest BC firm. "This is one more model and we feel it's not a bad way as long as it serves the purpose of financial inclusion." KC Chakrabarty, the Deputy Governor who is in charge of financial inclusion at the Reserve Bank of India, the banking regulator, says a BC firm "dictating terms" to a bank is a possibility, but it's not an immediate question for the regulator. "If the banks' businesses or consumers start suffering, we will look into this," he adds..........
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