Money & Banking

BCFI seeks incentives for correspondents for six months

Our Bureau Mumbai | Updated on June 04, 2020

Business Correspondent Federation of India (BCFI) has sought a ₹5,000 incentive per agent, along with health and life insurance for a six-month period starting April, as an incentive to help them tide over difficulties in the lockdown.

“In the last two months, there has been a surge in transactions but decline in range of viable transactions. Low ticket withdrawals increase the cost of servicing by BCs and their average income has gone down,” noted Seema Prem, CEO, FIA Global.

While some banks have been helping, BCFI has called for incentives and has also sent representations to the Finance Ministry.

Sasidhar Thumuluri, Chairman, BCFI, and MD and CEO, Sub- K Impact Solutions, said that almost 80 per cent to 85 per cent of BCs have been active despite the lockdown and need to be supported with an honorarium. “The network should be made use by the government and banks even more. They are not leveraged sufficiently. Loans for MSMEs, street vendors have been announced. BCs are well poised to service these requirements and can be viable,” he added.

Published on June 04, 2020

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