Indian banks' business correspondent channel set for major overhaul

The rejig of the world's largest field channel of agents is to be based on the findings of a study conducted by the National Institute of Bank Management under the auspices of the central bank

Indian banks' two-decade-old extensive business correspondent (BC) network - the world's largest boots-on-the-ground channel with 2.5 million agents in the field - is all set for a significant overhaul.

 

The rejig will be based on the findings of a study on the BC channel conducted by the National Institute of Bank Management (NIBM).

 

NIBM’s 'Impact assessment study on the services rendered by BC' is expected to provide a comprehensive understanding of the ecosystem, which serves as a critical service provider to rural and remote areas, existing operational challenges, and suggest actionable policy and operational improvements.

 

The NIBM was set up