Saturday, November 30, 2013

How correspondents take banking to rural India

Patil is one of thousands of so-called Business Correspondents, or local bank representatives, who are taking banking to the doorstep of people in far-flung villages across the country. They help mostly illiterate Indian villagers understand the basics of banking in line with the Reserve Bank of India's 2009 guidelines on bringing the unbanked population into the fold of banking. The central bank said the process of financial inclusion involved access to banking and credit markets as well as financial education. Though still a relatively new concept, India already has more than 200,000 business correspondents who are as diverse as their rural customers : they could be carpenters, school teachers, village clerks, farmers or rural women with no education whatsoever........

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