Business Correspondents and Business Facilitators (BCBF) course include representatives appointed by the banks to supply banking services and act as an agent in the respective locations where the bank will not have a presence so as to push money inclusion.
What is difference between BC and BF?
Brief Job Description: Business Correspondents (BCs) & Business Facilitators (BFs) are representatives appointed by banks to act as their agent and provide banking services in remote locations where the bank does not have a presence in order to promote financial inclusion.
Who can be appointed as business correspondent?
Eligibility to become a Business Correspondent Section 25 companies that are stand alone entities or in which NBFCs, banks, telecom companies and other corporate entities or their holding companies did not have equity holdings in excess of 10 per cent. Post offices. Retired bank employees, Ex-servicemen.
Can NBFC appoint BC?
As per extant instructions, Non-banking Finance Companies (NBFCs) are not allowed to be appointed as Business Correspondents (BCs) by banks. a) It should be ensured that there is no comingling of bank funds and those of the NBFC-ND appointed as BC.
Who is BC BF?
Business Correspondents / Business Facilitators (BC/BF) will help banks in: Identifying potential customers. Advising / counseling village people about appropriate bank products and services. Helping villagers in completing formalities that are needed to transact with banks.
What is BC BF exam?
Business Correspondents / Facilitators Exam – Introduction A BC is the first point of contact and the front face of the bank branch to the people. The role / functions of banks. The basics of banking operations and procedures. Role and function of BC / BFs. Financial advising and counselling.
What is BC in terms of money?
Banking Correspondent (BC) From Arthapedia. Banking Correspondents (BCs) are individuals/entities engaged by a bank in India (commercial banks, Regional Rural Banks (RRBs) and Local Area Banks (LABs)) for providing banking services in unbanked / under-banked geographical territories.
When was Khan Group report released by RBI?
In formulating their schemes, banks may, inter alia, be guided by the recommendations made at Chapter III of the Khan Group Report as also the outsourcing guidelines released by Reserve Bank of India on November 3, 2006 (available on RBI website: ).
When was Reserve Bank of India Code of Conduct issued?
While drawing up agreements, banks should strictly adhere to instructions contained in the guidelines on managing risks and code of conduct in outsourcing of financial services by banks, issued by Reserve Bank of India on November 3, 2006. The banks will be fully responsible for the actions of the BCs and their retail outlets / sub agents. 4.
Which is KYC directions of Reserve Bank of India?
Short Title and Commencement. (a) These Directions shall be called the Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016. (b) These directions shall come into effect on the day they are placed on the official website of the Reserve Bank of India. 2 2. Applicability
Who are business correspondents of Reserve Bank of India?
The scheduled commercial banks including Regional Rural Banks (RRBs) and Local Area Banks (LABs) may engage Business Correspondents (BCs) subject to compliance with the following guidelines: 1. Introductory The banks may formulate a policy for engaging Business Correspondents (BCs) with the approval of their Board of Directors.
