...........As of now, banks appoint individuals, small grocery stores and private enterprises as BCs. Early this year, an RBI committee headed by Nachiket Mor had recommended that the scope of BCs be expanded and suggested the possible inclusion of new entities as BCs. As per the new rules, even microfinance institutions operating as NBFCs (NBFC-MFIs) can operate as BCs. The central bank also issued rules for appointing non-deposit taking NBFCs (NBFC-ND) as their BCs. Banks and NBFCs operating as their agents, should ensure that “there is no co-mingling of bank funds and those of the NBFC-ND appointed as BC,” the RBI said..................
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