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Friday, August 29, 2008

Section 25 Companies as Business Correspondents (BC) to Banks

It has since been decided that banks can engage companies registered under Section 25 of the Companies Act, 1956, as Business Correspondents (BCs) provided that the Section 25 companies are stand-alone entities or Section 25 companies in which NBFCs, banks, telecom companies and other corporate entities or their holding companies do not have equity holdings in excess of 10%.

Further, while engaging Section 25 companies as BCs, banks will have to strictly adhere to the distance criterion of 15 kms. / 5 kms, as applicable, between the place of business of the BC and the branch.

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