Need to overhaul business correspondent model of financial inclusion: Canara Bank CMD

......According to Dubey, facilitators of such model are actually not bankers, so they are not devoted to actual implementation of financial inclusion. Dubey pressed for more accountability in the BC model than was permitted by the Reserve Bank of India in 2006 to utilise services of intermediaries in providing banking services. In the BC model of operation, the facilitators involved in ‘cash in-cash out’ transactions at rural places, connecting the last mile to the banking system. “There is need for more accountability of the BC model,” said the CMD of Bangalore-headquartered bank..........

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