Book Description

This book discusses the essential role of Business Correspondents (BCs) and Business Facilitators (BFs) in transforming India's rural economy. The book outlines a comprehensive approach towards financial inclusion, targeting unbanked communities and unpenetrated geographies. It emphasizes the importance of the BC/BF model in providing vital banking services to those previously excluded and in areas devoid of bank branches. This book has been developed under the guidance of the Indian Banks' Association (IBA) and the Reserve Bank of India (RBI). It adopts a modular approach, ensuring a coherent and logical flow of content across its four modules, which are as follows: • General Banking • Financial Inclusion and Role of Business Correspondents • Technical Skills • Soft Skills and Behavioural Aspects It is an invaluable resource for practising bankers and institutions seeking a deeper understanding of financial inclusion, the BC/BF model, and the certification aspirants. The Present Publication is the 2024 Edition, revised and updated by Mr K.S. Padamnabhan | Retd. CGM – NABARD. Taxmann exclusively publishes this book for the Indian Institute of Banking and Finance with the following noteworthy features: • [Economic Significance] Emphasizes the role of the BC/BF model in supporting India's rural economy by connecting unbanked populations with banking services • [Objective of BC/BF Model] Explains the purpose of the BC/BF model in reaching excluded individuals and offering banking services in areas without bank branches • [Operational Risks and Skill Requirements] Discusses the operational and reputational risks involved for banks in engaging BCs and the necessary skill sets required for effective performance The detailed contents of this book are as follows: • Module A – General Banking o Structure of Indian Banking and types of banks o Deposit schemes and other banking services o Account opening procedures and KYC mechanisms o Grievance redressal and the Integrated Ombudsman Scheme • Module B – Financial Inclusion and Role of Business Correspondents o Concept and need for financial inclusion o BC and BF model as a vehicle for financial inclusion o Risk and fraud management in the BC/BF context o Government schemes like PMJDY, PMJJBY, PMSBY, and APY • Module C – Technical Skills o Basic technical skills for handling various banking devices and connectivity issues o Overview of digital banking products • Module D – Soft Skills and Behavioural Aspects o Importance of communication and financial counselling o Strategies for dealing with different types of customers