Reserve Bank of India is pondering over the idea of appointing corporates in the post of business correspondents. The motive behind the move would be to enhance the pace of financial inclusion.

"... The suggestion from some quarters is to allow banks to use corporates, including telecom companies, NBFCs, etc., as business correspondents," the RBI said in a a discussion paper for engagement of 'for profit' companies as business correspondents (BCs).

RBI says that corporates would be helpful in the manner that they have large retail network and thus they would be able to bring large resources coupled with strong organisational backup and financial backing.

"Failure of large companies as BCs would mean a reputation risk to the company and endanger its substantive business. As such, the companies could be relied upon to ensure that their agents do not jeopardise their reputation," it added.

The RBI has asked for comments and feedback on the discussion paper by August 20, 2010.