Category: Business Correpondent Banking
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 government and the Reserve Bank of India (RBI) have been proactively undertaking numerous initiatives such as priority sector lending requirements for banks, Regional Rural Banks establishments, self-help group-bank linkage programmes etc.
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 cut down the costs of many of the core operations.
Sesame has made history by launching a one-of- kind banking software solution for Business Correspondence, named Beacon Orbit. This cutting edge product has been meticulously developed by leveraging most advanced modern technologies. Beacon Orbit can rightly be called the “quintessential” Business Correspondent solution. It is the only proven product that can enable Business Correspondence by interfacing with any standard CBS.