The Business Correspondent (BC) have played a significant role in driving financial inclusion to the last mile in India -- be it Jan Dhan Yojana, Benefit Schemes/Payments or Covid-19 cash relief.
According to a report, there is a need to significantly expand the scope of digital financial services and address key challenges to make the industry self-reliant, more efficient, effective and impactful.
Grameen Foundation India (GFI) and the Business Correspondent Federation of India (BCFI) have jointly released a report, "Reimagining the Next-generation BC Model" on Wednesday.
The roundtable helped show the path toward the next-generation BC model. It provided a dynamic platform for industry experts to come together and co-create a strategy to build this model as they discussed the issues threadbare.
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The experts' recommendations include ideas on regulatory reforms, improved visibility of BCs, marketing strategies, increased gender sensitivity, and making BCs one-stop points for financial services.
The report also recommends the capacity building of all stakeholders, making the BC industry more investor-friendly, creating an open common knowledge-sharing platform, transitioning from demand fulfillment to demand generation, and providing training content in vernacular languages.
