The Bank Employees Federation of India has termed as ‘shocking’ the deal between SBI and Reliance Money Infrastructure Ltd wherein the latter will act as a business correspondent to the public sector bank.

BEFI State general secretary C J Nandakumar said the deal, which was signed in February and with which took retrospective effect from October last, had been kept a secret from the public, trade unions and the bank staff. This was being done in the name of ‘financial inclusion’, he said, urging all bank unions to oppose the deal.

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