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A business correspondent model is a program where banks have been given permission by the RBI to use the services of NGOs/SHGs, Micro Finance Institutions (MFIs), and other Civil Society Organizations (CSOs) as intermediaries in providing Financial and Banking services through the use of the business correspondents in order to ensure greater Financial Inclusion and increase outreach of the banking sector.
Now almost 600,000 village habitations in India are getting basic banking services due to the services being provided under the business correspondent model. It can be said that business correspondents are playing a crucial role in promoting financial inclusion.
https://fiaglobal.com/Business-correspondent-model-/
