...............The bank has asked individual facilitators to either upgrade into a business correspondent or associate themselves with institutions — like NGOs — to bring credibility in operations. SBI now suggests business facilitators to follow the business correspondent model in setting up customer service points and conducting banking operations through point-of-sale terminals, mobile phones or other such smart devices. In order to ensure greater financial inclusion, the Reserve Bank of India had in 2006 instructed banks to use the services of business correspondents and business facilitators. Business correspondents carry out much wider function, including that of disbursal of small value credit, collection of small value deposits, sale of third party products and receipt and delivery of small value remittances. SBI currently has a network of 30,000 such correspondents across the country.
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