Guidelines for Engaging Business Correspondents (consumer protection related)

India

(amended through 2010)

The Guidelines for Engaging Business Correspondents (BC), as amended by the Reserve Bank of India (RBI) in September 2010 (RBI/2010-11/217), outline consumer protection measures, methods for redressal of consumer grievances, and consumer education. The Guidelines are organized as follows:

  1. Introductory;
  2. Eligible individuals/entities;
  3. BC model;
  4. Scope of activities;
  5. Know-Your Customer (KYC) norms;
  6. Customer confidentiality;
  7. Information technology standards;
  8. Distance criterion;
  9. Payment of commission/fee;
  10. Transactions put through BC;
  11. Internal control and monitoring;
  12. Consumer protection measures;
  13. Redressal of grievances; and
  14. Customer education.