Scope of Business Correspondent Agents

Business Correspondents (BC)?

The following persons / entities can act as BCs as per RBI norms:

  • Non-Banking Finance Companies & Section 25 Companies.
  • Micro-finance Institutions.
  • Non-Governmental organizations.
  • Self-Help groups.
  • Banking correspondents (Post Office, retired Government Servants).
  • Individual Kirana / Medical / Fair price shop owners / Individual PCO operators.
  • Agents of Small schemes of Government of India / Insurance companies.
  • Individuals who own petrol pumps.
  • Retired teachers.
  • Authorized functionaries of well-run self-help groups linked to banks.

In our bank, we have appointed the M/s Integra Micro Systems Pvt Ltd. to act as Corporate BC model as of now.

What are the functions of BCs?

The BC will be stationed at a particular village or place from where he / she will render the banking services. The customers will be provided with Biometric smart cards once they open the No-frill accounts with minimum KYC guidelines as stipulated by RBI. The BCs will also be provided with handheld devices (Micro ATM) which will be integrally connected to the branch, our data center, a service provider (M/s. Integra) and NPCI. The customers can go to the BCs with their biometric cards and do the following banking activities / transactions.

  • Micro ATM working on online mode.
  • Deposits.
  • Withdrawals.
  • Balance Enquiry.
  • Getting Mini statement.
  • Transfer of funds between accounts.
  • Loan repayments.
  • Loan withdrawal in running accounts.
  • Recurring Deposits.
  • No-frills accounts opening.
  • Conducting Financial Literacy campaign.

What is the Scope of BCs?

  • Identifying customers residing in the village for banking.
  • Filling up of account opening forms for “No-Frills accounts”.
  • Small value payment and small value receipts of cash (Up to Rs. 5,000).
  • Sourcing of RD accounts.
  • Preparation of small loan documents.
  • Recovery of loans.
  • Sourcing for microcredit / microinsurance.
  • Formation of Self-help groups and providing loans to SHGs through Branches.
  • Providing Handheld devices at BC’s place.
  • Maintenance of Handheld devices.
  • Distributing Biometric smart cards to customers who have opened accounts.
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