Sasidhar N. Thumuluri
BCFI was started with a vision to promote the highest standards in delivering financial services at the last mile. Past decade was a watershed period for financial inclusion in India with the largest number of adults having an opportunity to not only open bank accounts but also benefiting from it in many ways including seamless receipt of welfare cash transfers, remittances, microcredit and other inflows. Citizens were able to access these accounts easily through a large and growing network of Customer Service Points (CSPs) across the length and breadth of the country. BCFI acts as a platform for the collective voice of more than a million CSPs represented by 50+ Corporate Business Correspondents.
Some of the key initiatives taken by the federations include:
- Proactive policy advocacy to have the voice of CSPs heard by the policy makers.
- Create an enabling environment for smooth functioning of BCs through appropriate interventions at various levels.
- Provide a platform for sharing knowledge and ideas to build a formidable distribution network
- Standardizing practices including customer protection principles, agent training and grievance redressal.
During Covid-19 crisis, the need for BCs has increased multifold as banking had to be made available closer to the citizens' doorsteps due to movement restrictions. BCFI has been very proactive in responding to members' concerns with respect to law and order, income protection of agents, life insurance and other benefits, cooperation from banks etc., and ensured all agents and field forces are able to serve the citizens without much interruption. Sadly, we could not save some of our Corona Warriors who succumbed to Covid-19. We will be ever indebted to them for their selfless services to the nation.
We look forward to continuing our service towards achieving universal financial inclusion through our members and their agent or sales networks. BCFI intends to assume a self-regulatory role soon to bring greater harmony and ensure highest service quality to customers.