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BC registry being prepared

banking correspondentsThe Reserve Bank of India proposes to create a registry of banking correspondents in the country with the aim of strengthening their network. RBI Governor Raghuram Rajan said the central bank is engaged in strengthening the network of banking correspond ents by creating the registry, giving them the ability to take and give cash on behalf of any bank through the Aadhaar Enabled Payment System which will also give them adequate remuneration, and requiring that they are adequately trained in providing financial services. Addressing a seminar in Hyderabad, he said cash-in-cash-out points would expand soon as the Postal Payment Bank and telecom affiliated payment banks make post offices and telephone kiosks entry points into the financial system. Transfers from bank account to bank account will become easier via mobile through the Unified Payment Interface which is going to be launched shortly, he added. He also revealed that by the end of the year credit information bureau CIBIL will provide individuals with one free credit report a year, so that they can check their credit rating and petition if they see possible discrepancies.

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