It was supposed to be India’s grand plan to reach banking services to the masses. Indeed, going strictly by the numbers, the banking correspondent programme appears to be progressing well — the number of such agents has shot up from around 34,000 in March 2010 to over 220,000 in March 2013.
However, a survey of 860 agents in 11 States by MicroSave, a financial inclusion consulting firm, raises questions over the efficacy of the banking correspondent model. The 2012 study, conducted along with the RBI College of Agricultural Banking, found that 58 per cent of banking correspondents surveyed simply weren’t making enough money, earning less than Rs 3,000 a month. The agents say they need to earn at least Rs 6,500 a month to be able to offer the service in the long run, adds the report.
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