BC Agents: 5 Banking Services at Your Doorstep
Business Correspondents are RBI-authorised banking agents who bring basic financial services — accounts, loans, insurance, cash — to people far from bank branches. Here's what they can do for you and how to use them safely.
A BC agent can open your bank account for less than the cost of a Mumbai auto ride to the nearest branch.
Your village or locality may have one — but do you know what they can actually do for you?
Key Takeaways
Ask to see the BC agent's official bank-issued ID card before handing over any cash — it must name the bank and carry a photo.
Always collect a system-generated receipt with a transaction reference number for every deposit, withdrawal, or EMI payment made through a BC agent.
Verify the transaction within 24 hours via your bank's SMS alert, missed-call banking, or the BHIM/UPI app — if the credit doesn't appear, call your bank's toll-free number immediately with the reference number in hand.
Business Correspondents are RBI-authorised banking agents who bring basic financial services — accounts, loans, insurance, cash — to people far from bank branches. Here's what they can do for you and how to use them safely.
Here's what happened: RBI-authorised Business Correspondents now number over 1.4 lakh across India, acting as human ATMs and mini-bank branches for rural and semi-urban households.. BCs can legally open savings accounts, collect loan repayments, process Aadhaar-enabled payments, and distribute government scheme benefits like PM-KISAN and MGNREGS wages.. Each BC operates under a formal agreement with a specific scheduled bank and must carry a bank-issued identity card — they are supervised by that bank, not operating independently..
What you should do: Ask to see the BC agent's official bank-issued ID card before handing over any cash — it must name the bank and carry a photo.. Always collect a system-generated receipt with a transaction reference number for every deposit, withdrawal, or EMI payment made through a BC agent.. Verify the transaction within 24 hours via your bank's SMS alert, missed-call banking, or the BHIM/UPI app — if the credit doesn't appear, call your bank's toll-free number immediately with the reference number in hand..
BC agents are barred from charging you any fee for basic savings account services — if an agent demands cash 'commission' for opening your account or processing a deposit, report them to your bank's nodal officer immediately.
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- [1]“Business correspondents explained: How BCs extend banking services beyond branches” Personal Finance News in CNBCTV18, Personal Finance Latest News, Personal Finance News · 26 Sept 2026
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