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The RBI’s decision to allow non-banking finance companies to function as business correspondents of nationalised banks has been hailed by the industry. Welcoming the move, Roy M. Mathew, Chairman, Muthoottu Mini Financiers, said this would help people living in rural and semi-urban areas to access banking services. He said Muthoottu Mini is planning to offer this service throughout its network of 1,300 branches spread across Kerala, Tamil Nadu, Karnataka and other States, for which talks are already on with many leading banks.
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