Business Correspondent Roles and Responsibilities - Alankit India
The Reserve Bank of India (RBI) has envisioned the financial inclusion plan which aims to provide easy access to affordable financial products and services for the economically weaker sections and lower-income groups in the country. It initiated the Business Correspondent Model in 2006. Under this framework, Business Correspondents (BCs) are authorized as third party agents by banks and deliver banking and financial services on behalf of the banks. For their services, Business Correspondents also receive a commission from these banks. Business Correspondents have a pivotal role to play as they bring vital banking facilities to the financially-excluded members of the society in far-flung areas where banks do not have presence. The Business correspondent model is actually a partnership model wherein each partner has a specific role to play. With its noteworthy contributions in the Indian e-governance segment, Alankit Limited has excelled in ensuring a speedy delivery of last mile banking...