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Need to make business correspondent industry more investor friendly to promote financial inclusion: ReportThere is a need to make the business correspondent (BC) industry more investor friendly to take the financial inclusion drive to the last m...- Indian banking's digital drive is looking increasingly bright for banking correspondentsThanks to their role in taking banking and financial services to the last mile, several ecommerce players are interested in tapping them to...
- With a commission of Rs 15, RBI’s Business Correspondents model might be failing Government's financial inclusion plansIn 2006, the RBI tried to increase banking outreach and pick up financial inclusion by introducing the Business Correspondent model to the ...
- JAM infrastructure gets ready for a wider outreachSome stakeholders have suggested that the framework be extended to deploy universal income transfers or universal basic income
- Bank Mitras providing digital banking services to rural customers are out of jobsBank Mitras or Business Correspondents, are a key cog in the government's financial inclusion scheme as they provide banking services to cu...
- Decline in rural transactions may hit BCs’ financial modelTypically, these BCs earn 40 for every 10,000 withdrawn through them.
- Banks' business correspondents seek relaxation in GST & TDSThey have alleged that banks are passing on added tax liabilities on their agents operating in rural areas and underbanked urban localities...
- Challenges over cash shortage, restricted movements for government's DBT agentsDespite being included as an essential service by the govt, Bank Mitras – central to government’s DBT scheme - are reportedly not being all...
- Business correspondents’ income model based on commissions unviableRural business correspondents have to bear the risk and equipment costs which squeeze their margins
- Business correspondents seek self-regulatory bodyGST being slapped on BCs for fund transfer to non-Jan Dhan accounts has also been a sticky issue.
- Post GST, private banks may stop offering deposit services via agentsThis could dent government efforts to provide banking services in the hinterland where banking correspondents provide doorstep banking.
- Government mulls steps to encourage use of Jan Dhan accountsThe meeting would deliberate on issued faced by the BCs and banks in their operations, including with regard to remuneration, technical sup...
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