Group representing business correspondents seeks regulatory status

Self-regulatory organisation status for business correspondents will improve governance, bring in investments

The Business Correspondent Federation of India (BCFI) is about 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,” said a source.

 

While there is no category of non-banking financial companies: business correspondents (NBFC: BCs), they play a huge role in the financial inclusion landscape by aiding last-mile credit delivery. The stress on financial inclusion has also increased the intersection points of BCs with the wider financial world. This calls for better governance standards, higher investments and business