Business Correspondent are retail agents engaged by banks for providing banking services at locations other than a bank branch/ATM. BCs enable a bank to provide its limited range of banking services at low cost. Hence, they are instrumental in promoting financial inclusion. The BC model allows banks to provide door-step delivery of services especially ‘cash in – cash out’ transactions at a location much closer to the rural population, thus addressing the last-mile problem.
Financial Inclusion is the process of ensuring access to financial services and timely and adequate credit to needy and vulnerable groups such as weaker sections and low-income groups at an affordable cost, if any. Financial Inclusion goes much beyond the bank account opening and delivers financial services which includes credit, savings, insurance, remittance facilities, financial counselling and advisory services by the formal financial system at the door step of the poor.
Banks are providing banking services through brick and mortar branches, banking outlets and business correspondents under financial inclusion in the state.
Currently, more than 53,000 BC/Additional Business Correspondent /E-mitra Pay Points (Kiosks) are working with the continuous support/efforts of the State Government. Out of these State Government has provided free of cost 4,018 Micro ATM Machines to BC/Additional BC/E-mitra Pay Points.