Reserve Bank of India proposes 3-level rural banking structure
The Reserve Bank of India (RBI) is shaking up how banking works in rural areas.
Its new plan introduces a three-level setup: regular bank branches, Business Correspondent-Banking Outlets (BC-BOs) for a range of banking services with set hours, and Business Correspondent-Banking Touchpoints (BC-BTs) for smaller transactions without fixed hours.
The goal? Make it way easier for people in remote places to access basic banking.
RBI is also inviting everyone's feedback on this proposal until May 5.
Business Correspondent outlets single-bank, pay rules
Each BC outlet will stick to just one bank, keeping things simple.
BC-BOs will get both fixed and performance-based pay, while BC-BTs earn based on how well they serve customers.
The Indian Banks's Association is working out the details for fair pay.
If you're already a business facilitator, you'll need to switch over to the new system by September 30, 2026, since that old category is being phased out.