India's rural banking sector, served by Business Correspondents, is projected to surge to over Rs 147 billion by 2025.
India's Business Correspondent (BC) sector, which provides banking services in rural and remote areas, is projected to grow to over Rs 147 billion by 2025, with a 19% compound annual growth rate. This growth is fueled by the expansion of the Pradhan Mantri Jan Dhan Yojana scheme, increased use of Basic Savings Bank Deposit Accounts, and the rise in Direct Benefit Transfer schemes. BCs, who work on a commission basis, are crucial in areas lacking physical bank branches, helping to increase financial service adoption among rural households.
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