Est. 2025 • Under IAMAI

VOICE OF THE
LAST MILE.

Empowering 10,00,000+ Business Correspondents shaping India's financial future.

OUR FOUNDATION

Established in 2025 under the aegis of the Internet and Mobile Association of India (IAMAI), the Business Correspondents Forum of India (BCFI) is an industry body comprising over 70 members dedicated to empowering Business Correspondents (BCs) and Customer Service Points (CSPs) across the country.

As the backbone of India's financial inclusion efforts, BCs have been instrumental in extending essential financial services to underserved communities, particularly in rural and remote regions. BCFI aims to drive policy advocacy, promote technology adoption, and enhance digital infrastructure to empower BCs and CSPs in delivering secure, scalable, and efficient financial services.

Governance & Synergy

"BCFI actively engages with banks, policymakers, regulators like the RBI - DPSS, DOR and other ecosystem partners to advocate for progressive reforms, improved infrastructure, and a favourable regulatory environment."

BCFI brings together a diverse and expansive network of over 2 million BCs and industry stakeholders to collectively address challenges. With the continued rise of digital infrastructure and schemes like Jan Dhan-Aadhaar-Mobile (JAM), BCs now enable services such as cash withdrawals, microATM transactions, and DBT disbursements.

Our Vision

To build a resilient, digitally-driven BC ecosystem that ensures accessible, and secure financial services regardless of geography or socioeconomic status.

Our Mission

To support and empower Business Correspondents by advocating for their needs, enabling access to technology, improving literacy, and fostering inclusive growth through collaborations with regulators and government bodies.

Governance

To navigate the complex BC Ecosystem more efficiently, BCFI has established specialized sub-committees that promote knowledge exchange, encourage best practices, and provide targeted support to ensure operational efficiency and policy alignment.

TRANSACTION BCs COMMITTEEChair

Simran Singh

CSO, RNFI Services Ltd

TRANSACTION BCs COMMITTEECo-Chair

Parveen Wadhwa

CEO, PayBingo

BRANCH BCs COMMITTEEChair

Seema Prem

CEO, FIA Technology Services Pvt Ltd

BRANCH BCs COMMITTEECo-Chair

Amit Kumar Jain

EVP, Fino

ASSET BCs COMMITTEEChair

Ragavan Venkatesan

MD & CEO, Digivriddhi Technologies Pvt Ltd

ASSET BCs COMMITTEECo-Chair

Ganesh Rao

MD & CEO, New Opportunity Consultancy Ltd

Breaking
Boundaries.

Identifying systemic friction and creating pathways for frictionless financial inclusion.

01 Agent Viability

Lack of standard commission structures and limited income opportunities, especially in rural or low-footfall areas.

02 Delayed Onboarding

Delays caused by systemic bottlenecks, biometric device shortages, and third-party verification issues often result in penalties.

03 Training Bottlenecks

Inaccessible, one-size-fits-all training models unsuited for the scale and diversity of 20+ lakh transaction agents.

04 Operational Gaps

Inconsistent service availability due to CBS downtimes, lack of interoperability, and poor agent support in many regions.

05 Fraud & Cyber Risk

Lack of clarity in fraud settlement, chargeback handling, and freezing of entire corporate BC accounts during investigations.

06 Regulatory Ambiguity

Overlap in oversight between RBI’s DoR and DPSS.

Our Advocacy
Focus

To deliberate on regulatory, legal and other developments (draft notes, laws, regulations, etc.)
Submit recommendations and feedback on policy papers released for public comments
Proactively offer opinions to lawmakers, and be an active participant in law making process
Engage with Government and Regulators for favorable policy environment for fintech sector
To collaborate with different associations to seek synergies

VOICE OF THELAST MILE.