Business correspondents are service providers who provide banking services where the banking services are located far away from their location. With the support of Bank of India and FINO Payments Bank, the Business Correspondents (BC) initiative is expanding access to digital banking in underserved regions of Maharashtra and Madhya Pradesh. By onboarding local Agri Entrepreneurs (AEs), the project is driving financial inclusion, improving access to government schemes, and offering secure and convenient banking services directly within rural communities.
Key Highlights – July 2025
- BC Appointments – Madhya Pradesh: 140 BCs appointed in Dhar & Jhabua districts; 80 are actively offering services, with the rest undergoing activation.
- BC Network Expansion – Maharashtra: Over 28 BCs active, with a target of 200+ appointments underway; 3 Bank of India BC locations already operational in Wardha district.
- Training & Support: BCs are receiving structured training and handholding support to enable smooth operations and local engagement.
- Banking Services Offered: All locations selected are remote and previously lacked access to formal banking infrastructure. BCs now facilitate financial literacy and access to 15+ essential banking services.
