Financial inclusion and BC Model in India – Progress So Far

Financial inclusion (FI) in India was introduced in the year 2005 by RBI, highlighting its importance and role in the Annual Policy Statement. The concept of this model was to reach out to the under-banked and unbanked population in India while serving them with the basic amenities in banking. Considering a major population that remains…

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The Concept of Financial Inclusion

With the banking sector shifting towards digital channels to serve its customers further, there is still a large group that remains unbanked even today. Unbanked or under-banked people are those that are deprived of accessing minimal financial services or do not receive affordable banking facilities. An astonishing fact by the World Bank highlights, “Around 2…

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Business Correspondent Model: Are Co-op. Banks more realistic choice for BC adoption?

India has been witnessing poverty and exclusion for decades. A large segment of the society, those belonging to low income groups, have little or no access to formal financial services. In this regard, in the early 2000s, the agenda for financial Inclusion was emphatically underlined and gained prominence. Since then, over the years, the Indian…

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Beacon Orbit : Business Correspondence

These are difficult times for the banks when they are struggling to profitably and reliably service the low income, unbanked areas and segments of the economy. Business Correspondents deal with the financial needs of the low income sector in a realistic manner. Banks can leverage BC’s local knowledge to build a reliable network of agents and…

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