Mumbai: The Reserve Bank of India (RBI) on Thursaday allowed banks to establish outlets for business correspondents (BC) in rural centres to drive the government’s financial inclusion programme.
“It is advised that for further financial inclusion, banks may establish outlets in rural centres from which BCs may operate. These BC outlets may be in the form of low cost simple brick and mortar structures,” the RBI said in a statement.
Currently, every BC is attached to and is under the oversight of a base branch of a bank. The base branch will now supervise the BC outlets, including periodic visits by officers of the base branch to these outlets.
RBI also said that BCs can operate from ultra-small branches of banks as their association with the branch will increase the “legitimacy and credibility” in the area and give people confidence to use their services. Banks, however, should ensure that such arrangements must not lead to BCs servicing customers at these branches only.
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