New Initiatives: The RBI has been taking steps for improving the financial access to people in rural areas. Banks operate in rural areas either through branches or through Business Correspondents (BCs). A Business Correspondent is an approved bank agent providing basic banking services using a Micro ATM (terminal). These Business Correspondents encourage people in rural and remote areas to open bank accounts, save money and also use loan facilities provided by the banks. Bio-metric smart card identification systems are used to open these accounts.