Central bank revises banking correspondent classification
Indian Express·2h ago·Neutral
What Happened
The RBI proposed classifying banking correspondents into two categories based on assignments in draft branch authorization norms released Monday. Three delivery point types were defined: bank branches, Business Correspondent-Banking Outlet, and Business Correspondent-Banking Touchpoint. Over 16 lakh business correspondents currently work across India. The RBI also maintained FPI investment limits at 6% for Government Securities, 2% for State Government Securities, and 15% for corporate bonds for FY27.
Key Entities
RBI (Reserve Bank of India)Banking CorrespondentsFPI (Foreign Portfolio Investors)Government Securities16 lakh business correspondentsFinancial Inclusion