Career in BFS Sector : Business Correspondent and Business Facilitator Job Profile (2024)

The financial Inclusion Programme was launched by the Government of India as more than 40% of the nation’s population did not have any availability to Banking services. There was developing concern relevant to the link between financial exclusion and poverty. Financial inclusion is the delivery of banking services at an affordable charge (‘no frills’ accounts,) to the vast area of disadvantaged and low-income people. Business Correspond and Business Facilitator roles play a critical part in this initiative.

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In this blog, you will know the most demanding job profile Business Correspond & Business Facilitator in the Financial Inclusion. Let’s dive into the deep information about the job profiles of Business Correspond and Business Facilitator.

In Jan 2006, the Reserve Bank of India issued a new arrangement of rules permitting banks to utilize two classes of mediators – Business Correspondents (BC) and Business Facilitators (BF) to extend their outreach.

What is BC & BF in Banking?

Let’s understand what is the Difference Between Business Correspondent and Business Facilitator:

Business Correspondents (BC) are permitted to carry out regular transactions for customers on behalf of the bank. Business Facilitator (BF) are only responsible for spreading awareness regarding banking and bank’s products, helping the bank in business generation activities, and recovery of bad debts.

The Business Facilitator and Business Correspondent Model will offer a compelling way, for the banks, to arrive at the un-arrived populace everywhere, clients and intermediaries the same. In this model, banks don’t need to put resources into the exorbitant framework of a branch to arrive at the un-banked zones while and simultaneously individuals who remained excluded so far will be guaranteed simple admittance to monetary items and services.

• Portion imminent clients as indicated by demographics for region allocated (towns, provincial distant regions, and so on)
• Evaluate demand for different items offered by portions (housewives, ranchers, and so forth)
• Approach potential clients through different techniques including entryway to door calls and local meetings to make mindfulness about banking and the bank's items
• Mastermind crusade/instructive exercises for the benefit of the banks to illuminate likely clients about items advertised.
• Communicate with client to learn essential objectives and monetary necessities.
• Survey prospective client's monetary status (pay, dependents, and so forth) and latest thing of incomes
• Recommend appropriate items as indicated by life-cycle needs and pay like farming credits/reserve funds plans and so on
• Explain to the forthcoming client, the agreements of the item, application methodology, reports required, and courses of events for preparing the application
• React to all inquiries and concerns in regards to items and application measure
• The job involves spreading awareness about banking and the bank's items.
• Know the prospective client’s needs and suggest an appropriate product (savings account, loan account, and so on.
• Tell the prospective customer about the related application processes, product terms and conditions, and many more.

20% more than the average Business Correspondent and Business Facilitator’s salary in India ranges from RS.4 – 8 Lakhs Per Annumfor employees with less than 1 year of experience to 15 years. It also differs from company to company and their policies. Majorly it depends on the skills you have.

Now you know what kinds of responsibilities, eligibility, certifications, and skills you need to become a successful Business Correspond & Business Facilitator. Start building your career in the BFSI Sector.