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Banking Correspondent: A Channel For Financial Inclusion in India & Micro ATMs

Lack of access to basic financial services is still a major challenge in a country such as India where more than 65% of the population is classified as Under Banked or Unbanked. Recognizing this problem, the Reserve Bank of India (RBI) introduced a regulation in 2006 allowing banks to provide service at people’s doorstep through the use of third party services. This model is referred to as Business Correspondents/Banking correspondents in short BC’s.

BC is a representative authorized to offer services such as cash transactions where the lender does not have a branch. Primary role of BC is to oversee the proper development and functioning of indire ...

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