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Financial Inclusion (Business Correspondent/ Bank Saathi (What can they do…
Financial Inclusion
Business Correspondent/ Bank Saathi
Who ?
individuals/entities
works as an agent of the bank but can conduct business for other banks as well
Provide banking services at locations other than a bank branch/ATM
Functions
identification of
borrowers
Loan processing
creating
awareness benefit of banking and finance
Nurturing and monitoring of SHGs/ JLGs
What can they do ?
collection of small
value deposit
disbursal of small value credit
Recovery of principal
collection of interest
sale of micro insurance/ mutual fund
products / pension products/
receipt and delivery of small value remittances/ other payment instruments
Bank authorization policy
bring all branches and fixed BC outlets under the definition of banking outlets
Banking outlet
manned service delivery
point
open for at least four hours a
day for at least five days a week
Should provide services like
deposits,
encashing cheques
Cash withdrawl
lending
banks open 25% of these
outlets in unbanked rural centres (URC)