Cer­ti­fi­ca­tion Plan for Biz Cor­re­spon­dents

The Economic Times - - Rbi Monetary Policy -

Mum­bai: Re­serve Bank of In­dia has called for the strength­en­ing of the busi­ness cor­re­spon­dent model to im­prove qual­ity de­liv­ery of fi­nan­cial ser­vices in re­mote ar­eas and ar­rest fraud.

It is plan­ning a cer­ti­fi­ca­tion pro­gramme to equip them to han­dle fi­nan­cial prod­ucts be­yond re­mit­tances and de­posits and con­trib­ute to fi­nan­cial in­clu­sion. “The Re­serve Bank will is­sue the nec­es­sary frame­work for es­tab­lish­ing a cer­ti­fi­ca­tion pro­gramme for BCs by end of June 2016 in as­so­ci­a­tion with theIn­di­anBank’sAs­so­ci­a­tion(IBA)and ex­ter­nal train­ing in­sti­tutes,” said RBI gover­nor Raghu­ram Ra­jan.

He said a cen­tral repos­i­tory of data about BCs would also be cre­ated.

“The­movei­s­ex­pect­ed­to­con­trol­fraud­u­lent trans­ac­tions on the BC net­work and bring dis­ci­pline and fi­nally it should de­velop into a white la­bel model for BCs,” said Paresh Ra­jde, manag­ing di­rec­tor of cor­po­rate BC net­work Su­vid­haa In­fos­erve.

Speak­ing about peer-to-peer lend­ing show­ing ac­cel­er­ated growth, Ra­jan sounded a note of cau­tion about the risks such in­sti­tu­tions posed to the sys­tem. “Acon­cept­no­teonP2Plend­ing­will be put up on the RBI web­site for pub­lic com­ments­byApril30­for­reg­u­lat­ingthis sec­tor,” he said. Naveen Surya, chair man of the Pay­ments Coun­cil of In­dia, said PPI li­cence hold­ers were look­ing for RBI’s di­rec­tions on in­creas­ing the num­ber of POS ter­mi­nals, fur­ther push for mer­chant ac­qui­si­tion, in­ter­op­er­abil­ity, cash out at BC out­lets and even per­haps di­rect ben­e­fit trans­fer through PPI li­cence hold­ers.

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