Agents of banking correspondents (BCs) can now service customers of more than one bank

A retail outlet or an agent providing banking correspondent services can now provide services of more than one bank. The RBI has permitted interoperability at point of customer interface of BCs. The transaction and authentication at such retail outlets or subagents of BCs should be carried out on-line; the transaction should be carried out on the Core Banking Solution (CBS) platform and the bank should follow the standard operating procedures to be advised by the Indian Bank’s Association.