Get help?

Banking Correspondents Services

Banking Correspondents Services

Banking Correspondents Services for Better Customer Reach
Banking Correspondents are representatives of banks. They assist villages in setting up bank accounts. Every new account opened, every transaction done through them, every loan application handled, and so on, Business Correspondents receive commission from the bank. The Business Correspondent is equipped with a smartphone and assists locals with banking transactions. The villager receives the money after giving his thumb impression or electronic signature. Banking correspondents’ services make things better between the bank and customer.

Some Scope of Banking Correspondents
  • Increasing public awareness of savings and other products, as well as providing education and guidance on money management and debt counselling.
  • Potential clients are identified.
  • Collection of various deposit forms, including primary information / data verification
  • Filling up application forms and account opening forms, including the nomination clause, and submitting them to the bank.
  • The BC will also complete the KYC.
  • Opening of no-frills deposit accounts and such goods as technology permits from time to time.

Financial Inclusion Service

Banks have been allowed to use the services of NGOs, Micro Finance Institutions (MFIs), and other Civil Society Organizations (CSOs) as intermediaries in providing Financial and Banking services through the use of the Business Correspondent Model, with the goal of ensuring greater Financial Inclusion and expanding the banking sector’s outreach. The Business Correspondent Agent is an extension of the Bank Branch that provides consumers in rural locations with banking and financial services at their doorstep.

What we do