Indian Banks to ensure minimum remuneration to business correspondents

Thursday, August 7, 2014

Over 220,000 BCs had been appointed by banks after the RBI pushed this as a cost-effective way of extending banking services to the unbanked villages

Sampoorn Vittiya Samaveshan (SVS), the new financial inclusion plan to be announced by Prime Minister Narendra Modi on August 15, will have a special focus on banking correspondents (BCs) who are unable to make a living from banking transactions as most of the accounts opened in unbanked villages remain dormant, according to officials.

Over 220,000 BCs had been appointed by banks all over the country after the Reserve Bank of India (RBI) pushed this as a cost-effective way of extending banking services to the unbanked villages under the financial inclusion initiative.

Source: Business Standard (link opens in a new window)

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Impact Assessment
Tags
banking, Base of the Pyramid, financial inclusion, financial services, social development