General Studies · Financial Inclusion & Business Correspondents
Regarding the regulatory framework for Business Correspondents (BCs) in India, which of the following is correct regarding their interoperability and appointment?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1BCs are allowed to charge a flat transaction fee of 50 Rupees directly from the customer for every withdrawal made at their point.
- 2Only Non-Banking Financial Companies (NBFCs) that do not accept public deposits can be appointed as BCs by commercial banks.
- 3BCs can represent only one bank for their retail outlets, but the technical infrastructure (like Micro-ATMs) must be interoperable for all Aadhaar-enabled payments.✓
- 4BCs are strictly prohibited from representing more than one bank to avoid data security risks and conflict of interest.
Correct answer
BCs can represent only one bank for their retail outlets, but the technical infrastructure (like Micro-ATMs) must be interoperable for all Aadhaar-enabled payments.
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