BC network has to be commercially viable: PayNearby Founder, MD & CEO

Says with higher rentals, cost of Aadhaar devices and the know-your-customer paraphernalia, the commercial viability of the BC network is certainly to be looked at

The nearly two-decade old business correspondent (BC) network needs attention. Remuneration is a sticking point and retention of field agents has become a matter of concern even as banks use the network to save on last-mile financial inclusion costs. Talks are on if the agents can be used to vend other financial services and products. ANAND KUMAR BAJAJ, founder-managing director (MD) and chief executive officer of PayNearby, spoke with Raghu Mohan in a telephone interview. Edited excerpts:

 

The BC network was rolled out nearly two decades ago. Is it time to be reimagined?

 

Two decades ago, financial inclusion with BCs