Financial inclusion accounts operated through the Business Correspondent (BC) network across India have recorded a cumulative balance exceeding ₹10,000 crore, with nearly ₹2,000 crore contributed by Uttar Pradesh, according to BLS E-Services Ltd.
The company said the balance, recorded as of January 31, 2026, reflects deposits mobilised through its BC network over the past decade. It added that deposit mobilisation has accelerated during the current financial year.
Around 80 per cent of the total balance originates from Tier-4 and Tier-5 rural markets, indicating increased participation from smaller districts and rural households. The trend reflects a growing adoption of formal banking services in rural India.
Under the framework of the Reserve Bank of India, deposits collected through BC outlets are held in the books of partner banks, while BC operators provide last-mile services such as account opening, deposits, withdrawals and basic banking transactions.
Rural banking access expanding
As of December 31, 2025, BLS E-Services Ltd operated a network of more than 45,800 business correspondents across the country, with a large presence in rural regions.
The network facilitates the opening of Basic Savings Bank Deposit Accounts under the Pradhan Mantri Jan Dhan Yojana, helping extend banking access to low-income and first-time customers. The average ticket size per account or transaction is around ₹5,000, reflecting small savings patterns among rural households.
Uttar Pradesh ranks among the top states in terms of transaction value, along with West Bengal, Bihar, Odisha and Maharashtra.
Transaction volumes rise
The BC network processes more than 150 million transactions annually, averaging about 750 transactions per outlet each month. The company’s monthly Gross Transaction Value (GTV) has also crossed ₹10,000 crore, including deposits, withdrawals and other assisted banking services.
Commenting on the development, Lokanath Panda, Chief Operating Officer of BLS E-Services Ltd, said financial inclusion in India has moved beyond account opening to regular usage of banking services.
“Over the past few years, we have seen a significant rise in the actual usage of banking services in rural and smaller districts. Through our BC network, millions of people are now regularly engaging in deposits, withdrawals and DBT-related transactions,” he said.
He added that contributions from states such as Uttar Pradesh highlight the importance of last-mile banking infrastructure in expanding financial inclusion.
Revenue and expansion plans
The BC vertical generates about ₹250 crore in annual revenue for the company through a commission-based model with partner banks. Following the acquisition of Atyati Technologies, the segment is expected to contribute nearly 50 per cent of the company’s total revenue.
BLS E-Services Ltd has partnered with banks including State Bank of India and HDFC Bank under the BC framework and plans to expand its agent network further to strengthen last-mile banking services in underserved districts.