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Business correspondents and the ‘Bank Mitras’ they deploy are crucial for financial inclusion. (File photo)
The Business Correspondent Resource Council (BCRC) has written to the Finance Ministry, seeking an upward revision in the commission banks pay them and setting up a committee for annual review of pricing. Additionally, attention has also been called to remove penalties in the BC model.
BCs are critical to financial inclusion and the boots on the ground are the key for last-mile delivery.
A case has been made for a 30 basis point increase in commission rates across banks for cash withdrawals, cash deposits, money transfers, Aadhaar-Enabled Payment System (AePS) transactions, and other banking and financial business.
