From Boston Herald By Jordan Graham November 5, 2013 Bitcoin — the digital currency produced...
Circular on Financial Inclusion by Extension of Banking Services – Use of Business Correspondents
(enacted in 2009)
Circular on Financial Inclusion by Extension of Banking Services – Use of Business Correspondents (circular DBOD.No.BL.BC. 63 /22.01.009/2009-10), issued by the Reserve Bank of India, outlines measures to be taken by banks in India, in order to enlarge the category of persons that can act as business correspondents, keeping in view the regulatory and supervisory framework and consumer protection issues. This circular was amended by Circular DBOD No. BL. BC. 99/22.01.009/2009-10, which can be found under Related Amendments.
This circular includes the following:
- A list of entities banks are permitted to appoint as business correspondents (BCs);
- Procedures to promote transparency;
- Advice on due diligence and safeguards;
- Separate entity specifications for the North Eastern Region;
- Guidelines on the distance criterion for BCs and; and
- An annex with action required to be taken by banks based on the recommendations of the Working Group to Review the Business Correspondent Model.