FI Advantages Scheme

Financial Inclusion schemes have a number of advantages for customers, banks and business correspondents. We will see the benefits for each in detail.

To Customers

  • Customers need not come to the branch for carrying out basic banking transactions like small value cash deposits and cash withdrawals.
  • Customers save on commuting cost and time.
  • Customers can carry out the transactions at any time of the day and are not constrained by the banking hours of the branch.
  • Customers can remit and withdraw a small sum of money.
  • Customers need not fill up challans or cheque books for depositing or withdrawing money.
  • Customers will be more comfortable in carrying out their transactions through Business Correspondent as he / she hails from the same village.

To Bank

  • Alternative delivery channel for the rural and semi-urban populace.
  • Viable model for tapping rural savings.
  • Ability to extend the outreach to far flung areas and increase the presence and facilitate transactions in the accounts.
  • Reduces the work pressure at the counters.
  • Transactions are carried out using a device and hence offer greater accuracy and increased security.
  • The Business Correspondent can help in mobilizing savings and also assist in recovery and follow-up.
  • Lower transaction cost.
  • Agricultural and priority sector advances can be improved.
  • The government will release the payment under NREGP (National Rural Employment Generation Programme) through the no-frills accounts where the bank will have float funds under SB portfolio.

To Business Correspondent

  • Alternate source of income.
  • Recognition and visibility amongst the villagers.
  • Satisfaction in assisting villages to channelize the savings through the formal banking channel.
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