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    Ramakrishnan Natarajan
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    BC-Training & IIBF-Certification.pdf

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    43 views2 pages

    BC-Training & IIBF-Certification PDF

    Uploaded by

    Ramakrishnan Natarajan

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 2
    BANK OF INDIA INTER OFFICE MEMORANDUM | FROM: | TO: THE GENERAL MANAGER THE ZONAL MANAGER BU-FINANCIAL INCLUSION ALL ZONES. LHEAD OFFICE oe _ Ref.no.: HO:BU-FI:2015-16:167 Did : 23-09-2015 Financial Inclusion Certification / training of Business Correspondents engaged Financial Inclusion implementation in Bank covers an entire gamut of provision of banking and financial services to hitherto excluded / disadvantaged category of the society by way of connecting them with mainstream banking system at an affordable cost, their capacity building / skill development, credit dispensation and inculcating savings-habits through banking, micro insurances, mutual-fund products etc., by way of effective utilization of the Business Correspondents (BCs), which plays an important role in the entire channel 2 The challenge at hand, at present is to achieve an economically viable and sustainable BC-model to achieve the objectives of financial inclusion in a mission mode, envisioned under the PMDJY. As a part of financial inclusion drive, a large number of new bank accounts were opened since August,15,2014, out of which 47% accounts have zero-balance and the rest (53%) have total balance outstanding of about Rs.748crore as at end of Aug-2015. A lot of investment has gone into financial inclusion; however, at present it is not found viable for banks and there is a huge challenge to retain BC-agents on despite their low contribution at many places 3. Hence need to explore new ways to make BC model economically viable proposition for the banks. Banks are incurring high cost for acquiring a customer- account, but sufficient transactions are not happening in such accounts and hence banks are having negative returns. Main reason for this is BC-agents are not trained and hence, they do not know what to do after acquiring a customer and their earnings are also limited. At present, there are no systematic efforts to make these accounts viable + In order to make BC-model viable, it is necessary that BC agents are required to get more business from these accounts i.e., increased average balance, increased lending and more selling of insurance, pension and remittance products, etc. * It enhances earnings of BC agents and incentivizes him to stay/continue in the business and in turn, BC activity will become Viable for banks. 4. To make BC agent to increase their business, capacity building of these agents through training and certification is a MUST. In imparting training to BC agents, Zones can use the RSETIs. (* fe ae z oar

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