Discussions focus on various matters pertaining to functioning of Business Correspondents

Secretary, DFS appreciates efforts of IBA in operationalising the BC Registry with effect from 20.11.2025;  Advises all banks to scale up further and expand the bouquet of services at BC points

The Tenth meeting of the Monitoring Committee on Business Correspondents was held under the chairmanship of Shri M. Nagaraju, Secretary, Department of Financial Services at New Delhi today. It aimed to deliberate upon the progress on action points emerged during the previous meeting and fresh agenda items. The meeting was attended by the members of the Monitoring Committee along with Chief General Manager, Financial Inclusion and Development Department, Reserve Bank of India (RBI), CEO (NPCI), Executive Director’s of Public Sector Banks, Senior officials from Private Banks, Indian Bank Association, NABARD and BC associations.

The discussions focused on various matters pertaining to functioning of Business correspondents covering the key areas such as Services Provided by BC Agents, Digital monitoring of BCs, Commission structure of BC Agents especially in North Eastern & Hilly areas, Geotagging of BCs etc.

Detailed deliberations were held on all agenda items with active participation from stakeholders. Shri Nagaraju appreciated the efforts of the Indian Bank Association in operationalising the BC Registry with effect from 20.11.2025. The registry incorporates important features such as identification of duplicate BCs, capturing of service records of BC performance etc. Member banks of the Committee have also completed geotagging of their BC points. As on date, most banks are providing minimum 42 services at BC points such as account opening, Cash deposit/ withdrawal, Re-KYC, enrolment under micro insurance schemes etc. Shri Nagaraju advised all banks to scale up further and expand the bouquet of services at BC points based on evolving requirements.

Sh. Nagaraju emphasized the critical role played by BCs in the banking ecosystem and need for continuous improvement in processes. The issues faced by BC organizations were also deliberated and resolution of the same was also discussed. The meeting ended with a vote of thanks to the chair.