Business Correspondent

Reaching to the Last Mile with Extended Partners.

In an era of heightened competition, thin profit margins and cost constraints, establishment of conventional Bank’s branches, MFIs etc. in all locations cannot be a viable proposition. It is, therefore, imperative to explore the possibilities of other cost effective delivery mechanisms to reach out to locations where company has no presence and satisfy the financial needs of clientele at an affordable cost. Business Correspondent (BC) has been introduced in the Banking/NBFC Sector with this end in mind. This is an efficient and effective tool for implementation of Financial Inclusion programme of the Government of India. Though there are manifold challenges like credit risk, operational risk, legal risk, reputational risk. Difficulty in assessing the integrity of the agents, managing cost on low volume of business, and effective supervision and control of the activities, there exists the potential for employment generation, creativity and productivity in semi urban/rural hinterlands for bringing about a comprehensive economic development and the resultant benefits to the Company.

The ‘AFIPL BC Model (ABM) should complement our strengths to increase business volume and improve efficiency of operation. We have to ensure that the Business Correspondent meets the benchmark performance standards at all stages of delivery of services, and should not dilute Company’s values and principles, control mechanisms, business processes or goodwill and reputation.

Under AFIPL BC Model (ABM), individuals will manage all affairs/activities by own and on behalf the Company as agreed upon. It is the policy of the Company to Increase our market share through leveraging the Business Correspondent model of Gold Loan Sector in locations where we are not present. For queries regarding partnerships please write to ‘bccell@achieversind.com‘