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Business Correspondents - InSIGHTSIAS
Business Correspondents - InSIGHTSIAS
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Business Correspondents
Business Correspondents
What to study?
For Prelims: What are CSCs and who are BCs, BCs- objectives, eligibility and
functions.
Context: SHG women working as Business Correspondents for banks (BC Sakhis) and
Bank Sakhis playing a vital role in disbursement of first tranch of ex-gratia of Rs.500/- to
women PMJDY accounts amidst COVID-19 Lockdown.
Business Correspondents are retail agents engaged by banks for providing banking
services at locations other than a bank branch/ATM.
Banks are required to take full responsibility for the acts of omission and commission of the
BCs that they engage and have, therefore, to ensure thorough due diligence and additional
safeguards for minimizing the agency risk.
They can also attend to collection of small value deposit, disbursal of small value
credit, recovery of principal / collection of interest, sale of micro insurance/ mutual
fund products/ pension products/ other third party products and receipt and delivery
of small value remittances/ other payment instruments.
Who can be engaged as BCs?- The banks may engage the following individuals/entities
as BC:
2. NGOs/ MFIs set up under Societies/ Trust Acts and Section 25 Companies.
4. Post Offices.
5. Companies registered under the Indian Companies Act, 1956 with large and
widespread retail outlets, excluding Non Banking Financial Companies (NBFCs).
Insta Links:
Prelims Link:
Mains Link:
Who are Business Correspondents? Discuss their significance and role in enhancing financial
inclusion in the country.
Sources: pib.
INSIGHTS (https://www.insightsonindia.com/category/insights/)
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