Reserve Bank of India (RBI) has allowed banks to appoint the following entities as banking correspondents:
– Individual kirana (grocery)/medical /fair price shop owners
– Individual Public Call Office (PCO) operators
– Agents of Small Savings schemes of Government of India/Insurance Companies
– Individuals who own Petrol Pumps
– Retired teachers and
– Authorised functionaries of well run Self Help Groups (SHGs) linked to banks
The above move will ensure access of banking services to more and more people. It will also open possibilities for digital commerce and technological innovations in BFSI Sector.
Telecom Companies would have loved to be a part of this endeavor as they had the right infrastructure and capabilities which could have been easily leveraged. It could have helped increase their ARPUs as well.
Related Article: MediaNaama