The financial services industry is evolving with the advances in online banking and mobile banking practices. However, in spite of all the developments, there is a huge percentage of a population that remains unbanked in India. To enable rural public avail banking services, the Reserve Bank of India (RBI) introduced financial inclusion and initiated Business Correspondent (BC) model.

Business Correspondents are the third parties (i.e. individuals or groups) that associate with a bank as agents and extend financial services to rural regions on their behalf.

BC Model – What is it?

The business correspondents or BCs are the representatives of banks, who are authorised to service villagers with basic banking facilities such as collecting small deposit amounts, disbursing small credits, opening bank accounts, recover loan instalments etc. These individuals or organisations enable the customers in rural lands to avail all the services that an ATM provides to those based in the urban and semi-urban areas.

Bussiness Correspondance

Benefits of Business Correspondents

BCs or the bank’s agents who have a strong local network and can influence people for their own good are ideal for this model. When the right business correspondents are chosen to be the face of the bank, following benefits are promise:

  • Reduces costs of setting up branches
  • Helps reach the underserviced and unbanked rural population
  • Promotes doorstep banking services
  • Supports expansion of business and drives larger growth
  • Maintains quality of assets through better recovery.

Business Correspondent Solution by Sesame – BEACON ORBIT

Sesame is a renowned name that simplifies the lives of thousands of people in Kerala through their banking solutions, provided with the help of their clients.

Beacon Orbit empowers the partner banks to effortlessly adapt the directives of financial inclusion by RBI and stretch their reach in areas that are still deprived of basic financial facilities. It is an ideal business correspondent solution for banks that can increase their footprint in unbanked zones and consequently maximise revenues and customer base.

Key Highlights:

  • A standalone BC solution; available as a plug-in for your existing CBS.
  • Multi-device integration – smartphones, printers, scanners or microATMs.
  • In-built with trackers to monitor BCs and measure their performances.

For further details, visit Beacon Orbit. Feel free to call or email us with your contact details and our team will get in touch within 24-48 working hours.