RBI Plans Stricter Oversight for Banking Agents to Boost Financial Inclusion
New framework aims to enhance accountability and efficiency in last-mile banking services
New Delhi, Apr 6: The Reserve Bank of India has proposed tighter regulations for business correspondents to improve banking services in rural and underserved areas. The move focuses on strengthening supervision, restructuring compensation models, and introducing stricter due diligence measures.
Under the proposal, banking agents may be classified into distinct operational categories with improved monitoring systems to ensure reliability. The initiative is expected to enhance transparency and reinforce financial inclusion efforts across the country.
