BCRC seeks remuneration review of Bank Mitras

Since Bank Mitras’ remuneration is by manner of commissions from banks, and the charges for which had been set in 2014 and haven’t been revised since then, a review has been sought. 
| Photo Credit: VENKATACHALAPATHY C

Business Correspondent Resource Council (BCRC), the business physique representing Bank Mitras, has appealed to the Parliamentary Committee on Finance to review the remuneration of Bank Mitras and sought subsidy on their infrastructure price.

Recently workplace bearers of BCRC met Bhartruhari Mahtab, Chairperson, Parliamentary Committee on Finance and made a illustration.

Since Bank Mitras’ remuneration is by manner of commissions from banks, and the charges for which had been set in 2014 and haven’t been revised since then, a review has been sought. 

“The ATM interoperability charges have been recently revised to ₹19, on similar lines, commission structure for AePS (Aadhaar Enabled Payment System) which is used in rural banking, may also be revised,” the BCRC stated within the submission.

It has urged {that a} remuneration review committee comprising the Department of Financial Services, monetary establishments, NPCI & business our bodies could also be arrange for a review.

Considering Bank Mitras face vital bills for important expertise upgrades like for laptops, passbook printers and biometric gadgets, the BCRC has requested the Commission to subsidise supporting infrastructure prices by RBI’s Payments Infrastructure Development Fund (PIDF). 

“The PIDF is designed to subsidise payment infrastructure in underserved areas, direct PIDF subsidies would be crucial to offset these costs,” it stated.

Towards systemic strengthening, it has urged for the necessity for clear accountability tips to delineate roles of banks & Bank Mitras in circumstances of fraud, “so that genuine agents are not penalised for systemic failures.”