Business Correspondent

byPaytm Editorial TeamLast Updated: September 10, 2025

Meaning

A Business Correspondent (BC) is a person or company appointed by banks to provide banking services in areas where there are no branches.

Role

  • Helps open accounts
  • Provides cash-in and cash-out services
  • Assists with fund transfers

Example

In rural villages, people use BCs instead of traveling long distances to a bank.

You May Also Like

QR Code ScanningLast Updated: September 16, 2025

Definition QR code scanning is the process of using a smartphone or device camera to read the QR…

UPI with Credit CardLast Updated: July 24, 2025

Meaning UPI with Credit Card allows users to link their credit card, especially RuPay cards, to a UPI…

UPI SDKLast Updated: July 24, 2025

Definition UPI SDK (Software Development Kit) is a set of tools provided to integrate UPI-based payments into mobile…