Financial Inclusion is access to adequate and timely credit and other financial services to poor and unbanked sections of society. With the objective of ensuring greater financial inclusion and increasing the outreach of the banking sector, scheduled commercial banks including Regional Rural Banks (RRBs) and Local Area Banks (LABs) have been permitted to use the services of intermediaries in providing financial and banking services through the use of Business Facilitator/ Business Correspondent Model.
However, banks have to ensure the preservation and protection of the security and confidentiality of customer information in the custody or possession of BC.
The Services offer by BC may include:
The banks may engage the following individuals/entities as BC:
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