Business Correspondents for Banks allowed



LOK SABHA 16 Dec 2009

Reserve Bank of India (RBI) through a circular dated November 30, 2009 has permitted banks to appoint individual kirana/medical/fair price shop owners, individual Public Call Office (PCO) operators, agents of Small Savings schemes of Government of India/Insurance Companies, individuals who own Petrol Pumps, retired teachers and authorised functionaries of well run Self Help Groups (SHGs) linked to banks as their business correspondents (BCs). The instructions are operational from November 30th 2009.

This information was given by Minister of State for Finance, Shri Namo Narain Meena in reply to a question raised by Shri Dr. M. Jagannath and Shri Partap Singh Bajwa in Lok Sabha today.