The Indian Institute of Banking & Finance will soon come out with a certification for debt recovery agents and business correspondents. The certificates are expected to streamline the recovery processes and enhance the level of financial inclusion in the country.
?As asked by the Reserve Bank of India, we will be starting the debt recovery agent certification. The training for this programme will start in two weeks and the examination will take place during May end. For this purpose, we have tied up with 35 institutes in the country. We will be roping up with more 30-40 institutes in order to enhance the programme,? said R Bhaskar, chief executive officer at IIBF. Bhaskar was speaking on the sidelines of a conference on agriculture organized by Bombay Chamber of Commerce and Industry.
Bhaskar further explained every candidate would be analysed and then the institute would provide an extensive training for 100 hours.
At the same time, a certification on business correspondents will start in another 1-2 months from now, said Bhaskar.
?Today, the microfinance sector is not well developed in the country. Business correspondents need to be formally trained. They need to understand the products and offer debt counseling to rural people, ? Bhaskar said.
?We are in the process of developing the same. We hope to make it successful in India,? he said.
Bhaskar also said there is a dire need to strengthen the spot market and redesigning the xloan products for rural areas.
At the same time, he also stressed on stopping land fragmentation. ?There is a case to enact a law for this. This will help arrest further slide of sown area,? he added.