The rapid expansion of business correspondents does not mask the cracks in the scheme
……One of the fundamental shifts needed by banks is to recognise and support BCs as a legitimate and full-service channel — an addition to branches, ATMs, kiosks, mobile and Internet channels. This would certainly be a winning proposition for all. All marginal customers can get doorstep (and perhaps superior) services; banks can decongest their branches, and focus on high net worth customers; while BCs would have a healthier business case. Bradesco Bank and Caixa Econômica Federal in Brazil (which, like India, follows a bank-led agent model) have adopted this approach with a great degree of success. Providing a balanced mix of financial products is another critical step needing to be taken and rapidly so……..
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