Several remote areas in India do not have a bank and only a small percentage of the population has a bank account. Earlier, agents of banks travelled from village to village and were the only contact points for a bank. If people missed them when the agents came around, there was no alternative but to wait until they came back. But not any more. Now Business Correspondents are always around! Banking Correspondents operate in remote rural areas spreading awareness about banks and their services. Their customers include rural women, farmers, small shopkeepers, labourers and even students. Thus, in short, Business Correspondents help in banking the unbanked.
Who is a Business Correspondent, Business Facilitator
A Business Correspondent, Business facilitator is a representative of a bank, responsible for building awareness, sourcing prospective customers. He, she is appointed by banks to act as their agent and provide banking services in remote locations where the bank does not have a presence in order to promote financial inclusion. He,she is responsible for spreading awareness related to banking and banks products, assisting the bank in business generation activities and recovery of bad debts. In addition, business correspondents are also responsible for carrying out banking transactions for existing customers.
What are the Job Prospects & Career Progression
With sound knowledge of banking, experience on the field and skill, the BC can undertake additional services that he, she can extend to the customers. Moreover, RBI has permitted BCs to conduct business for more than one bank, which they may undertake.
What are the Common Designations in various Industries
Business Correspondent, Business Facilitator