During the last 15years,Business Correspondents have played a major role in Financial Inclusion space to cover the uncovered ,reach the unreached and secure the unsecured people on their own under the aegis of various Banks. They have driven FI initiatives of Govt of India to cover the marginalized and vulnerable section of people under social net.
Specially after launch of PMJDY and social security schemes in 2014,the channel has risen to the occasion and grown leaps and bounds and taken its roots deep to stand as a robust alternate model in the financial map of India. BC model has the potential to be very successful nevertheless much still to be done to validate its inclusion in the financial sector.
The model has passed the initial stages of adoption and future efforts would need to concentrate on instituting changes at the policy level if the channel was to be made viable and sustainable.
As BCs face various operational issues(in cash management, cash handling,reconciliation of failed transactions, frauds and misappropriation), viability issue( inoperative CSPs,managing zero balance and inoperative accounts,income of CSPs, initial investment to establish CSPs) and regulatory concerns, in the context of various Banks having different systems and procedures, compliance norms, payment structure, it is felt necessary to have a Resource Centre for BCs to advise, suggest, innovate, Strategy, hand hold BCs/ CSPs on various regulatory guidelines, analysis of business data, expert advice, work flow, suggestions and updates.
Become a Member
Our core values are the principles that guide us in helping the
unprivileged and vulnerable section of people to achieve financial
literacy and prosperity. We strive to make Business Correspondents
as financial services leaders and trusted channel that is
differentiated by personalised service and innovative ideas to
pursue and achieve their goals
A)Worthy of trust and care:We care the people and keep our promises
B)Respect: We are inclusive and collaborative. We will contribute to grow further in the FI field
C)Winning with passion:We are passionate to suceed through participation,collaboration and innovation