Recognizing the efforts and achievements of BCFI, the World Bank-IFC, and DFID-SIDBI started significantly funding BCFI’s programmes for development of training, certification and registry of BCs, standardization of processes & technology, building technology platform for BCs, customer awareness, development of code of conduct (COC) as also grievance redressal mechanism (GRM) and secretariat. More such initiatives are in the pipeline.
As of December’31, 2020 BC Industry has 100+ CBC and 20 Lakh+ ABC participants. BCFI and its efforts are well recognized by the Government of India, regulators viz. RBI, IRDAI, PFRDA, SEBI, adjacent institutions viz. NPCI, UIDAI etc. and international institutions. In a short span the federation not only had high level meetings with MOF, DFS, RBI and PMO but is regularly being invited to ongoing policy, regulatory and taxation formulation discussions and other fora. Representations by BCFI have resulted in many policy and regulatory changes viz. service tax waiver, inclusion of CSPs in demonetization activities to name some. Additionally, several important matters are underway viz. Self-Regulatory Organisation (SRO) of BC, BC registry, White Label BCs etc.