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.

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