What Is The Business Correspondent (BCs) Model For Financial Inclusion?
The RBI has allowed banks to appoint entities and individuals as real estate agents for providing basic bank services in remote control areas where they can’t practically take up a branch. These agents are called business correspondents. BCs are believed as practical solutions to extend basic banking services to the almost 600000 community habitations in the united states.
Business Correspondents are hence instrumental in facilitating financial inclusion in the country. Business Correspondents are retail realtors engaged by banks for providing bank services at locations other than a bank branch/ATM. BCs enable a loan company to provide its limited selection of bank services at low cost. These are instrumental to advertise financial addition hence.
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What are the functions of BCs? What types of products can be provided by BCs? According to the RBI guidelines the merchandise provided by BCs are: Small Savings Accounts, Fixed Deposit and Recurring Deposit with low minimum deposits, Remittance to any BC customer, Micro Credit and General Insurance. The BC model allows banking institutions to provide door-step delivery of services especially ‘cash in – cash out’ transactions at a spot much closer to the rural population, thus dealing with the last-mile problem.
Who can become BCs? The RBI has provided a long list of entities and people who can act as BCs. Initially the entities permitted to do something as BCs included registered entities like NGOs/ MFIs. Though the BC model was attractive it has not delivered because of the numerous shortcomings associated with it effectively. Firstly, banks have imposed higher restrictions on operations of BCs. Secondly, salaries of BCs were surprisingly low set alongside the physical work they have to do to cover the distant areas. The JDY also heavily relies on the functions of BCs for continuation of accounts activities by the town people who started the account within the program.
Can you produce that amount of work? Can they hold out until one does? Can that amount is got by them of work for you? How do reps go about selecting who they shall stand for? It would be a conflict if they handled photographers with overlapping styles or specialties, so they could have one photographer would you food, the person who does annual reports, one who does architecture, and one who does children’s advertising.
They might even throw into the combine an illustrator as well. Some areas shall participate in the cost of a marketing campaign that you both are working on. Perhaps they’ll be the ones to fine-tune a mailing list and will split that cost with you. Reps have even been known to split the expenses of ads in Black Book, Workbook, etc. Every relationship is different, but keep in mind, their business is generating income from your business, so what helps your important thing, helps theirs. Again, if you want someone to run your business, hire an office or studio supervisor.