Frequently Asked Questions :: Financial Inclusion
Who is Business Correspondents?
Business Correspondents are retail agents engaged by banks for providing banking services at locations other than a bank branch /ATM. Basically, Bcs enable a bank to expand its outreach and offer limited range of banking services at low cost. BCs are an integral part of a business strategy for achieving greater financial inclusion.
Who can become Business Correspondents?
- Any firm, organization, and individual can become BC agent. They can be NGOs under societies or trust act.
- Post office
- Registered bank employee
- Retired government officer
- Agents of small saving schemes or insurance company
- Individual Kirana/ medical or fair price shop
- Microfinance institution
- Village knowledge centre
- Krishi Vigyan Kendra
- Self-help groups linked to NBFCsOnly those individuals are not permitted by bank those who are operating common service centers as BC.
What are the requirements to become Business Correspondents?
- A computer or laptop
- Must have internet connectivity via modem, broadband or dongle.
- Printer along with scanner
- Office space minimum area 100 sq. ft.
What are the duties & responsibilities of Business Correspondents?
Creating awareness about banking products like saving account, FD, loan etc.
- Giving advice to villager how to save money and how to manage loans.
- Responsibility to identify potential customer.
- KYC verification of customer.
- Filling of application and other banking formalities.
- Opening no frill account and other accounts from time to time.
- Small value remittance service.
- Cross-selling of other financial products like insurance, mutual funds, etc
What are the benefits of becoming a Business Correspondents?
Its an opportunity to work with banks as a agent to provide banking services which entitles you for the commission on it.
What are the required documents to become Business Correspondents?
- Application form
- ID proof (Pan Card, Aadhar, Driving Licensee, Election card, Passport or any ID issued by public authority)
- Residential Proof (electricity bill, telephone bill, Ration card, Aadhar Card, Voter Id)
- Education Proof (10th pass certificate or mark sheet)
- Character Certificate (Police verification)
- Cancelled cheque or passbook copy
- 4 passport size photos
Does the customer get pass book?
Does the customer get an ATM card?
Any customer whose age is more than 18 yrs is eligible to apply and get ATM cards. The procedure for applying ATM card is available at the time of opening Customer account making a tick on option box. The PIN of ATM card will be taken from concern link branch. Customer need to show identification proof to get PIN number
How will the customer operate his account?
The account can be accessed by the customer using his registered finger prints. The customer cannot access his account at any of the bank branches. This service would be available at any of the BCs of bank across the country. He can also withdrawal his money through ATM card too.
Where a Business Correspondents can open?
According to Government and Reserve Bank of India circular, a BC can be opened on every village basis and in urban areas on ward basis.
Is there any salary for the Business Correspondents?
No he/she will get the commission from the bank on various banking services like for opening the new account, loan application etc.