Why Financial Institutions Must Bank on Money Transfer Systems?

Financial institutions have begun stepping into the digital world and are no more limited to direct and physical banking methods. With platforms like mobile and internet, banks and credit unions have started adapting innovative concepts like the money transfer systems. These systems offer ease and convenience to both the banks and their customers. Money transfer…

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Financial Inclusion in India – The Rise of Business Correspondent Model

In January 2006, the Reserve Bank of India issued a set of rules enabling banks to utilize two classes of middlemen for the banks and financial institutions to serve the unbanked or under-banked population with basic financial facilities – Business Correspondents (BCs) and Business Facilitators (BFs). Under financial inclusion schemes, the BCs represent bank as…

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