Agent networks: Ideas and lessons from India
by Neha Parakh
May 15, 2020
1 min
As part of its program to facilitate exposure visits to India for governments across the globe, MSC has documented India’s journey towards financial inclusion and digital governance.
The first four modules of this series were Aadhaar, PMJDY, Digital Governance, and PFMS. The fifth and last module is Agent Networks.
Agent banking provides an alternative to ensure access to financial services in remote areas. It was introduced by RBI in India back in 2006 with an idea to provide low-cost access to basic financial services in rural areas to ensure better financial inclusion in the country. Having more than .7 million Business Correspondents (BCs) in the country has helped people realize the cash benefits provided to them during COVID 19 crisis. Indian government transferred USD 7 billion supporting more than 200 million households in the country.
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