BCFI to push for SRO status; explores solo, strategic partnership options

BCs have of late been sounding off to the Ministry of Finance, warning that the channel is becoming increasingly unviable

The Business Correspondent Federation of India (BCFI) is set to apply for self-regulatory organisation (SRO) status. “We have started the process internally. We may either go alone or team up with the Payments Council of India or the Fintech Convergence Council,” a source confirmed.

 

While there is no official category for non-banking financial company: business correspondent (NBFC: BC), these entities play a critical role in the financial inclusion landscape by facilitating last-mile credit delivery. 

The growing emphasis on financial inclusion has deepened the interaction between BCs and the broader financial system, highlighting the need for better governance standards, higher investments,