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.
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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
A training program was arranged for CSPs of Himachal Pradesh on 28th August,21.The program was inaugurated by Shri Jitendra Srivastava,ex GM of NHPC and Administrative director of IIM,Sirmou,HP.In his inaugural address,he mentioned about various achievements the country have in Financial Inclusion space and how the BCs have spearheaded the cause,to reach to the poor people through CSPs and provided services during critical time.He thanked BC management for the excellent services provided by them during Covid Pandemic 19.
Dr Varuna Luthra,Director ,Internationa relations,KIIT,Bhubaneswar gave valedictory address.He thanked BCs and BCRC for organising such program free of cost for CSPs of Himachal Pradesh.
On 14th August,21,a training program was organized through webinar,for the officials of BCs,constituting mainly State Heads, District Heads and officials who have joined newly.
The program was inaugurated by Shri P Panigrahi,retd GM, of a public sector Bank and an expert on Financail Inclusion and BC operations.In his inaugural address,he explained in details about duties and responsibilities of BCs in the context of mobilization of deposit,remittance, compliance and risk mitigation issues and inspection and supervision of customer service points.His deliberation was practical,insightful and inspiring.
Mr H S Patra,editor of Entrepreneur Times and a noted journalist based at Delhi,gave the valedictory address and thanked BCRC for conducting of such program for BC fraternity at regular interval.He dwelt upon various issues which can be addressed in next level of financial inclusion.
On 31st July,21,a training program was conducted for officials of national BC, ZMPL (Zero Mass). They are the largest BC in the country. Their State Heads, District nodal officers, total no of 105 officials, participated in the program.
The program was inaugurated by ex ED of RBI, Mrs. Surekha Marandi,who is one of the noted experts in the country on FI and BC operations. During her address she spoke at length on FI policy , RBI guidelines on BCs , operation areas,activities and various products in BC channel.In the last decade,BCs have proved themselves and done excellent job to reach to the vulnerableÂ and low income group of people by providing various facilities in rural,difficult and other inaccessible areas where thereÂ are no bank branches.She requested BCs to give importanceÂ on registration, certificationÂ and capacity building of their Officials and CSPs .She lauded the effort of BCRC for providingÂ training to 839 officials throughout the country.
Dr Naveen Kumar,Associate Professor,NIBM,Pune gave his valedictory address.He mentioned that capacity building of BC officials,CSPs and financial literacy of FI customers is important to drive various digital initiatives and social security schemes to cover poor and low-income groups.He thanked the BCs and CSPs as they have done an excellent job during the Covid Pandemic to reach to the people and render services.He conveyed his thanks to BCRC for conducting such a program on regular basis.
Drishtee Development & Communication Limited
NICT Technologies Pvt. Ltd.
P2P MicroFinance & Allied Services
Zero Mass Pvt. Ltd.
Take a look at what people say about US
Hailstorm and snow fall damaged a CSP...services uninterrupted in Nagaland
Customer Service Point situated at hillock in Himachal Pradesh
Village ladies waiting to draw Govt payments ,maintaining social distancing in Rajastan