A Finance Ministry official has advised banks to scale up further and expand the bouquet of services at Business Correspondent (BC) points, signalling a push to widen the range of services available through the BC network.
The directive came at the tenth meeting of the Monitoring Committee on Business Correspondents, chaired by M Nagaraju, Secretary, Department of Financial Services, in New Delhi.
According to a Finance Ministry statement, the meeting was attended by members of the committee along with the Chief General Manager of the Financial Inclusion and Development Department at the Reserve Bank of India, the CEO of the National Payments Corporation of India, executive directors of public sector banks, senior officials from private banks, the Indian Banks’ Association, NABARD and Business Correspondent associations.
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Discussions focused on key aspects related to the functioning of Business Correspondents, including services provided by BC agents, digital monitoring of BCs, commission structures-especially in North Eastern and hilly regions-and the geotagging of BC points.
The Secretary appreciated the efforts of the Indian Banks’ Association in operationalising the Business Correspondent Registry with effect from 20 November 2025.
The registry incorporates features such as identification of duplicate BCs and capturing service records related to BC performance.
Member banks have completed geotagging of their BC points.
As on date, most banks are providing a minimum of 42 services at BC locations, including account opening, cash deposit and withdrawal, Re-KYC, and enrolment under micro-insurance schemes.
“Nagaraju advised all banks to scale up further and expand the bouquet of services at BC points based on evolving requirements,” the Finance Ministry said in the statement.
He emphasised the critical role played by Business Correspondents in the banking ecosystem and highlighted the need for continuous improvement in processes.
The issues faced by BC organisations were also deliberated upon, and their resolution was discussed during the meeting.
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