Remuneration for BCs likely to see rise
By Vaibhav Aggarwal
Jan 11, 2011
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Business correspondents (BCs) who are mostly employed by financial institutions in rural and semi urban areas to make banking facilities available to people there are likely to get a raise in their salaries.

It has been indicated by officials of Reserve Bank of India that in comparison to the amount of effort and work done by the BCs they are remunerated quite less.

"A circular hiking their remuneration will be issued by the RBI shortly," sources said.

The main work done by BCs consists of acquiring new customers from poor families and introducing them to banking facilities and assisting them in various banking related processes. As a part of his job, a correspondent goes to villages at regular intervals and aids in basic transactions of villagers apart from answering various queries of the villagers.

"The RBI has recognised the efforts involved in the job and is thinking of revising the remuneration," sources said.

The correspondents currently get Rs 1000 to Rs 1500 per month as salary. Following RBI guideline, salaries are expected to rise by about Rs 5000 per month.

Sources said, "Business correspondents have been found to be more effective and efficient than actual bank employees because conventionally a bank does not go to individuals. These correspondents go to individuals offering banking services and since hence they live in the same village or locality can convince people to open no-frills account with the bank. The villagers too trust them."


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