The Reserve Bank of India is undertaking a significant overhaul of its business correspondent system to enhance the last-mile delivery of financial services. This initiative includes the introduction of new service points known as Business Correspondent-Banking Outlets and Business Correspondent-Banking Touchpoints.
The primary aim of this revamp is to improve the quality of customer service and expand financial inclusion throughout India. By increasing the accessibility of banking services, the RBI hopes to reach a broader segment of the population.
As part of the new framework, banks will be required to conduct thorough checks on all new business correspondents. This measure is intended to ensure the integrity and reliability of the expanded network.
These proposed changes are geared towards enhancing overall banking access, particularly in underserved areas. The RBI believes that a strengthened business correspondent model will play a crucial role in deepening financial penetration across the country.
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