To bring in Financial Inclusion, as per the policy initiatives of RBI, Banks can engage NGOs to provide services as Business Facilitator (BF) or Business Correspondent (BC). The BC/BF working with the financially excluded community shall bring them under banking fold through enabling processes.
IDF took steps to partner as BC/BF of SBI subsequent to the workshop titled ‘VYAPTI’ held during 2008. This workshop focused on roles and responsibilities of NGOs as BC/BF in Financial inclusion. The Workshop was cosponsored by Hivos, SBI along with other financial institutions.
The workshop pointed to the need for developing a scalable and replicable financial inclusion process bringing the financially excluded into the banking fold.