New Delhi, April 6 -- India's Business Correspondent (BC) sector will cross Rs 147 billion by financial year 2025 (FY25), charting an impressive 19 per cent compound annual growth rate (CAGR), said a report by BLS E-Services.

As per the report by digital service provider, growth is being driven by the expansion of the Pradhan Mantri Jan Dhan Yojana (PMJDY), deeper penetration of Basic Savings Bank Deposit Accounts (BSBDAs), and the increasing popularity of Direct Benefit Transfer (DBT) schemes that channel subsidies and welfare funds directly to beneficiaries.

Business Correspondents are bank-appointed representatives who deliver essential banking services in underserved and remote areas.

Functioning on a commission-based model, BCs op...