Banking · Financial Inclusion and Business Correspondents
XYZ Bank partnered with a Business Correspondent (BC) to extend basic services like deposits and withdrawals via handheld devices in a remote village. In this context, consider the following statements regarding the regulatory conditions for engaging Business Facilitators (BFs) and Business Correspondents (BCs): Statement 1: Banks must allow BFs/BCs to charge customers directly for services provided on behalf of the bank. Statement 2: Banks should adopt technology-based solutions to mitigate operational risks and increase outreach. Statement 3: Cash collected by BFs/BCs should be acknowledged with a receipt issued on behalf of the bank. Which of the statements given above are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Statements 1 and 3 are correct
- 2All statements are correct
- 3Statements 2 and 3 are correct✓
- 4Statements 1 and 2 are correct
Correct answer
Statements 2 and 3 are correct
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