Who/What is Business correspondent?

  • Business correspondents are bank representatives.
  • They help villagers to open bank accounts.
  • They help villagers in banking transactions (Deposit money, take money out of savings accounts, loans, etc.).
  • The Business Correspondent carries a mobile device.
  • The villager gives his thumb impression or electronic signature, and gets the money.
  • Business Correspondents get a commission from a bank for every new account opened, every transaction made via them, every loan application processed, etc.

Functions of Banking Business Correspondents?

  • Non-Governmental Organisations(NGOs)
  • Self Help Groups (SHGs)
  • Micro Finance Institutions (MFIs)
  • Post Offices
  • Insurance Agents
  • Panchayats
  • Civil Society Organisations (CEOs)
  • Farmers’ Clubs
  • Community-Based Organisations
  • Cooperatives Societies
  • Village Knowledge Centers
  • Agri Clinics/ Agri Business Centers
  • Krishi Vigyan Kendras
  • Khadi And Village Industries Units
  • Corporate Entities With IT Outlets In Rural Parts

How BC can withdraw money of Customer?

There are two methods of withdrawing payment. One is by ATM card of any bank by using Pin pad device and secondly, he can withdraw the amount of any bank in which Aadhar of the customer has been updated.

Payment by cheque or payslip.

Payment cannot be done by cheque or payslip.

Working Time of BC.

BC can do transactions till 9:00 PM. The Portal will be open till 00 pm.

Document required from BC.

  • 2 Photo
  • Aadhar card
  • PAN No
  • Electricity Bill/Voter card
  • Police verification
  • MC/Sarpanch Character certificate
  • 10 Rs. Stamp paper.

What company will provide?

The company will provide:

  • a Banner
  • T-shirt and Bio-metric
  • Laser Printer
  • Finger Print Device
  • Web camera
  • Swipe Machine to BC.

When commission will be transferred?

Commission of each month will be transferred in BC OD after the next 15 dates of next month. For example, for the month of August, the commission will be transferred up to 15 September.

How day transaction report can be found?

  • He will open an OD account and if the Branch doesn’t allow send his/her Photo, Aadhar, Pan NO, mail id, phone no, Linked Branch id, etc to come.
  • The Head office will provide an Appointment letter to the regional office for permission for the OD account. The same letter will also be provided to BC by the Head office.
  • After the opening of the OD account, you have to send the complete excel format to comfort KO code permission along with payment deposit slip by your side.
  • The Head office will send BC details to the regional office for KO code and a maximum of one week code will be generated.
  • Bc has to set up an FD in the concerned Branch as security and back will provide interest on this FD.

What type of account will be opened by BC?

Jan Dhan account with zero balance.

What is RD (Recurring deposit) account?

In this account, the customer can deposit a fixed amount each month and the bank will provide interest on it.

What is the rate of Commission of Withdraw and deposit?

  • Withdraw– Commission Rate Rs. 0.40% with Minimum Rs. 1/- and maximum Rs. 20/-.
  • Deposit– Commission rate Rs. 0.40% with minimum Rs.1/- and maximum Rs. 25/-.

Hardware Requirement

  • Computer/Laptop, Printer, Bio-metric, and PIN PAD.
  • Day Transaction reports summary can be printed from the bc portal (but after 00 pm).

Who can Open Bank BC?

NGO/Trust Acts, Cooperative society, Post offices, Retired Bank employees, Ex-servicemen. Retired Govt. Employees, Individuals owners of Kirana/medical/fair price shop owners, Insurance companies, Individuals who own petrol pumps, Retired teachers, Individual members of farmer’s clubs, Kiosks, CSC, Auto dealers, and tractor dealers.

What is financial inclusion?

  • Giving formal banking services to poor people in urban & rural areas.
  • Promoting habit of money-savings, insurance, and pension investment among poor people.
  • Help them get loans at reasonable rates from normal banks. So they don’t become victims in the hands of local moneylenders cum thugs.