back Back

BCFI to form SRO; appoints CEO (Designate)-SRO and Head, BCFI

By Edil Corneille

October 22, 2020

  • Bcfi
  • India
Share

BCFI, Business Correspondent Federation of India, SRO, financial inclusion, paymentsEncouraged by the Reserve Bank of India’s (RBI) invitation to set up Self-Regulatory Organisations (SRO) for financial services and the payments industry, the Board of Business Correspondent Federation of India (BCFI), the body representing companies working towards the delivery of financial services to underbanked and unbanked citizens, has approved the formation of SRO, subject to due consent from RBI. Sunil Kulkarni has been appointed as the new Head of BCFI and CEO (designate) for the SRO. Kulkarni is an industry veteran and one of the founding members of BCFI and has been on its board since inception.

The team at BCFI will improvise upon the Code of Conduct and Grievance Redressal Mechanism developed last year, and implement them in the earnest among its members with key focus towards ensuring customer protection and betterment of service standards. BCFI SRO team would work towards expediting accessibility of financial services to citizens and standardisation of banking processes to different corporate BCs.

“The RBI’s invitation to form an SRO for Payment System Operators is deeply encouraging, and further fortifies our intent to deliver uninterrupted financial inclusion to the unbanked and underbanked citizen of India. We take pride and privilege in proposing Sunil Kulkarni, a veteran in the payments and business correspondents space, as the CEO (designate) of BCFI SRO,” said Sasidhar N Thumuluri, Chairman, BCFI who has taken the responsibility last year from Dr. Anand Srivastava (the founding Chairman of BCFI).

“The passion and efforts of BC industry to revolutionise banking and make it ubiquitous has been apparent during this global crisis, as millions have benefitted from the deeply entrenched Agent Business Correspondents (ABC) network in the country. We look forward to grow further under the dynamic leadership of Mr. Kulkarni and his decades of industry expertise. In this increasingly technologically empowered environment, we are duty-bound to ensure that no community is marginalised in the digital payments revolution,” said Anand Kumar Bajaj, Vice Chairman of BCFI.

Kulkarni enthused, “I am delighted & honoured to have been appointed by Board of BCFI for this position. Through interactions with Banks, Regulators and Government, the Self-Regulatory Organisation for BCs, will work towards setting and enforcing rules and standards relating to the conduct of Corporate BCs and Agent BCs in the industry (members) with the aim of protecting the customer and promoting ethics, equality, and professionalism. We are encouraged by customer and industry friendly policies by RBI, and will continue to strive to provide uninterrupted banking services at the last mile. We are poised to reach a million touchpoints soon, and will refine processes to meet expectations of the regulator from time to time.”

Kulkarni brings more than 34 years of experience in Services distribution, branchless banking, telecom and mobile wallet technology projects. He was responsible for launching India’s first e-Distribution Network for mobile recharge/ Bill Payments in 2004 over Point of Sale (POS) terminals in retail. He was, till recently, Joint MD of Oxigen Services.

Previous Article

October 22, 2020

Morgan Stanley launches 12mn scholarship initiative for African American college students

Read More
Next Article

October 23, 2020

Jumio rolls out new video-based KYC, deployed by UK FinTech Ebury

Read More






IBSi Daily News Analysis

UAE, money transfer

May 23, 2024

Bcfi

By 2034, the digital remittance market is expected to reach $83.2bn, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

NeoFinity launches ‘NeoZAP’, a premier payment tag in India

Read More

Today

Lianlian DigiTech secures EMI license in Luxembourg

Read More

Today

Moroccan HPS acquires Ireland’s CR2 to bolster global expansion

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023