Mumbai: The Internet and Mobile Association of India (IAMAI) has announced the launch of the Business Correspondent Forum of India (BCFI), a new initiative to advocate for the interests of Business Correspondents (BCs) and Customer Service Points (CSPs) across the country.
The BCFI will be chaired by Mr. Mahesh Jain, Co-founder & Chairman of Integra Micro Systems, with Mr. Anand Kumar Bajaj, Founder, MD & CEO of PayNearby Technologies, serving as Co-Chair.
The Forum has been set up to provide structured representation for the various segments within the BC ecosystem. It will operate through four specialized sub-committees:
- Branch BCs – Extensions of bank branches
- Transaction BCs – Focused on payments and transactions
- Asset BCs and LSPs – Facilitating loans and collections
- Digital BCs – Digital financial service providers
BCFI’s objectives include driving policy advocacy, promoting the adoption of technology, and enhancing digital infrastructure to empower BCs and CSPs to deliver secure, scalable, and efficient financial services, especially in India’s most remote and underserved regions.
Mahesh Jain, Co-founder & Chairman, Integra Micro Systems and Chairperson, BCFI, said, “With India’s rapid strides in digital infrastructure and AI-led transformation, Business Correspondents play a crucial role in enabling inclusive access. As BCFI becomes a forum under IAMAI, this partnership strengthens our collective voice to drive responsible financial inclusion and sustainability for last-mile delivery.”
Highlighting IAMAI’s commitment to this sector, Dr. Subho Ray, President, IAMAI, stated, “The launch of the Business Correspondent Forum of India (BCFI) under the IAMAI umbrella adds an important chapter to our mission to empower last-mile financial access. With BCFI, we aim to bring structure, voice, and focused advocacy to a sector that is central to India’s financial inclusion journey. We look forward to working closely with all stakeholders to build a resilient, tech-enabled, and inclusive BC ecosystem.”
Commenting on the forum’s future vision, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby Technologies and Co-Chair, BCFI, added, “The formation of the BC Forum under IAMAI marks a pivotal step for the financial inclusion ecosystem. Through IAMAI’s support, we aim to foster innovation, deepen collaboration, and build a more inclusive framework for digital financial services. The journey ahead holds immense promise, and we are excited to build this future together.”
