Business Correspondent definition

Business Correspondent in general shall mean an entity so approved by the Bank, under the guidelines issued by the Reserve Bank of India (RBI) under its circular number RBI/2005-06/288 DBOD. No. BL.BC. 58/22.01.001/2005-2006 dated January 25, 2006 as

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Business Correspondent or “BC” shall mean VMPL and wherever applicable, shall include Agents.

Business Correspondent or “BC” shall mean the business correspondent appointed by ICICI Bank as per the guidelines issued by RBI in this regard, for providing certain services detailed in the Business Correspondent agreement, to the customers of Mobile Money.

Examples of Business Correspondent in a sentence

Implementation of the Bhamashah Scheme is envisaged on Aadhaar platform which shall enable direct benefits transfer in the account of beneficiary using Aadhaar Payment Bridge System (APBS) and provide banking facility at the doorstep of the residents in remote areas using Aadhaar Enabled Payment System also known as Business Correspondent Model and works on Biometric Authentication of Aadhaar.
If the duration of delay continues beyond a period of 180 days, the Bank and the Corporate Business Correspondent (CBC) shall hold consultations with each other in an endeavor to find a solution to the problem.
The Bank may, at any time, assign or transfer all or any of its rights, benefits and obligations under this Agreement without the consent of the Corporate Business Correspondent (CBC).
In case the defects are not rectified, the concerned bank would be authorized to terminate the contract with the Corporate Business Correspondent (CBC).
The Corporate Business Correspondent (CBC) (SP) shall submit the security deposit / performance guarantee of Rs.25000/- per CSP outlet as per requirement of Bank.
Ltd., (in short MBUSE) a Company appointed as authorized Business Correspondent (BC) of State Bank of India and having BC Code No. 32260000 hereinafter referred to as the KO which expression shall unless repugnant to the context or meaning thereof shall include his/her successors and permitted assigns of the First Part Mr./Mrs./Ms. ..................................
The Corporate Business Correspondent (CBC) or the Bank shall not be liable for default or non-performance of the obligations under the contract, if such default or non-performance of the obligations under this contract is caused by any reason or circumstances or occurrences beyond the control of the Corporate Business Correspondent (CBC) or the bank, i.e.
If applicable, for the purposes of rendering the banking services, the Franchisee shall adhere to the relevant terms and conditions of the Business Correspondent Agent that is given in Annexure 2 to this Agreement.
However, before terminating the contract, the concerned bank will give a written notice specifying the defects in services to the Corporate Business Correspondent (CBC) and ask him to rectify the defects within a period of 30 calendar days.
Notwithstanding above, the decision of the Bank shall be final and binding on the Corporate Business Correspondent (CBC).

More Definitions of Business Correspondent

Business Correspondent is a person appointed by the SBI, and provides access to basic Banking services using the Micro ATM and or any other device having online access to accounts “.

Business Correspondent or “BC” shall mean and include inter alia, Corporate entities, non-governmental organizations, micro finance institutions set up under Societies/ Trust Acts, societies registered under Mutually Aided Cooperative Societies Acts or the Cooperative Societies Acts of States, section 25 companies, registered non-banking financial companies not accepting public deposits and post offices and/ or such other entities permitted by the Reserve Bank of India from time to time.

Business Correspondent or “BC” shall mean MMP Mobi Wallet Payment Systems Pvt. Ltd.

Business Correspondent means Company engaged by ▇▇▇▇▇ for carrying out banking/financial services as defined by RBI from time to time.

Business Correspondent. (BC) means any person/entity who is eligible to act as BC for the bank under the terms hereof for providing services described in the RFP.