Business Correspondent Federation of India (BCFI) is the national federation of Business Correspondents (BCs/Bank Mitras) in India. It is a not-for-profit federation that aims to promote responsible finance by systematizing and harmonizing the delivery of financial services to the poor through the critical last mile i.e. the business correspondent (BCAs). The federation also does policy advocacy, promotes financial literacy and customer awareness. BCFI undertakes research and studies and supports collaborative development activities related to financial inclusion in general and the BC sector in particular.
BCFI works with its stakeholders towards setting up standardized systems and processes that address both supply and demand side challenges holistically. This involves: putting in place standard operating guidelines for corporate BCs (CBCs) and BCAs, irrespective of the business model; development of Code of Conduct (COC); instituting effective monitoring and supervision mechanisms for BCFI; training, certification and BC registry through online training modules and mobile apps; financial capability building of current and potential financial inclusion customers of BCAs; and implementing effective grievance redressal mechanism (GRM) to improve customer awareness and protection so as to build their trust in the system.
BCFI (with support from World Bank/IFC, DFID, SIDBI) is currently implementing five significant programmes for the BC sector: