Money & Banking

BCFI moves to become self-regulatory organisation

Our Bureau Mumbai | Updated on October 22, 2020

The board of the Business Correspondent Federation of India (BCFI) has approved the formation of a self-regulatory organisation (SRO), subject to approval from the Reserve Bank of India. It has also appointed Sunil Kulkarni as the new head of BCFI and CEO (designate) for the SRO.

“The team at BCFI will improvise upon the code of conduct and grievance redressal mechanism developed last year, and implement them in earnest among its members with key focus towards ensuring customer protection and betterment of service standards,” the BCFI said in a statement on Thursday.

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In line with the government’s financial inclusion policy framework and the RBI’s vision of national strategy on financial education, the BCFI SRO team would work towards expediting accessibility of financial services to the citizens and standardisation of banking processes to different corporate BCs, it further said.

“The RBI’s invitation to form an SRO for Payment System Operators is deeply encouraging, and further fortifies our intent to deliver uninterrupted financial inclusion to the unbanked and underbanked citizen of India,” said Sasidhar N Thumuluri, Chairman, BCFI.

Published on October 22, 2020

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