Home >Politics >Policy >Govt plans to allow CSCs to offer banking services

New Delhi: The information technology ministry is planning to get all the common services centres (CSCs) to act as business correspondents (BCs). The move is aimed at creating last mile access points for financial services across the country.

There are approximately 290,000 CSCs in the country—access points with basic computing infrastructure run and operated by a local entrepreneur who lives in the same community.

It is an integral part of the ‘Digital India’ initiative of the government to foster financial inclusion in the country.

A business correspondent is an approved bank agent providing basic banking service using a micro ATM.

The IT ministry is in consultations with the finance ministry to implement the plan.

“Our ambition is to make the CSC movement to a public movement, from digital delivery of services to banking to insurance to railway bookings to Wi-Fi services," IT minister Ravi Shankar Prasad told at an event on CSCs in New Delhi on Monday.

Minister of finance, railways and coal, Piyush Goyal, who was also present at the event, said that he will work on allowing all CSCs to work as banking correspondents and also explore the opportunity to set up extended bank counters at CSCs to provide banking and financial services in rural areas.

“The expansion of digital technology in our country will add 5% more growth in our GDP. CSC has the potential to change the social fabric of our country," Goyal said.

Over the last few months, the IT ministry has been pushing to increase the scope of banking activity carried out by CSCs.

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