New Delhi, Feb 17 (.) The 10th meeting of the Monitoring Committee on Business Correspondents (BCs) was held here on Tuesday under the chairmanship of M Nagaraju, Secretary, Department of Financial Services.
A Business Correspondent (BC) is a bank-appointed agent which acts as an extended arm of a bank branch to provide essential financial services like deposits, withdrawals and loan applications in rural areas.
The meeting was attended by representatives from the Reserve Bank of India, National Payments Corporation of India, Indian Banks’ Association, National Bank for Agriculture and Rural Development, along with public and private sector banks and Business Correspondent associations.
The committee reviewed progress on action points from earlier meetings and assessed the functioning of the BC network, which provides last-mile banking services across the country. It was noted that most banks are now offering more than 40 services at BC outlets.
These include opening of bank accounts, cash deposits and withdrawals, re-KYC updates, and enrolment under social security and micro-insurance schemes.
The meeting also reviewed the operational status of the BC Registry, which has been functional since November 2025.
The registry helps maintain proper records of BC agents, avoid duplication and track performance history. Banks have also completed geotagging of BC locations to improve transparency and help customers easily find nearby BC outlets.
Issues related to commission structures, especially for BCs working in North Eastern and hilly regions, were discussed. The committee also deliberated on expanding the range of services at BC centres, improving digital monitoring systems and strengthening grievance redressal mechanisms.
Chairing the meeting, M Nagaraju emphasised that Business Correspondents are an important pillar of financial inclusion and asked banks to further strengthen the system to ensure reliable and accessible banking services for people across the country.
The meeting concluded with a focus on improving coordination among stakeholders and enhancing the reach and efficiency of the BC network nationwide.
. SAS RB 2024