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April 1st, 2017, 05:38 PM
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Join Date: Mar 2012

Hi I would like to have the detailed information about the Business Correspondent Banking service which is offered by Union Bank of India?

Union Bank of India has turned out with the spearheading thought of branchless managing an account by selecting BC-BF (Business Correspondents/Business facilitators) to achieve the unreached populace and taking keeping money administrations at the entryway step. The essential goal is to move individuals from neediness to thriving.

At present the bank has designated 6 Technology Service Providers who give end to end answer for help out managing an account operations through branchless saving money demonstrate. The bank has drawn in BC alongside its innovation group with the assistance of enlistment stations involving a MicroATM/Laptop, web camera and unique mark catching machine to select the recipient. The information recorded in PC incorporates Demographic points of interest, for example, Name, address, father's/spouse's name, occupation, yearly pay, classification and so on. From that point, impressions of all the ten fingers are caught and put away in the Bank's Server.

On the premise of the information caught with streamlined KYC standards the bank opens a Basic Saving Bank Deposit Account. The information in this way caught is put away in CBS.

The record holder is issued RuPay cards, through which the client can pull back cash from BC/Branch ATM.

Aside from ordinary record opening as said above, now the majority of the new records are opened through e-KYC, where client is verified by UIDAI; and the fingerprints, in such case, is not put away anyplace by Bank

The record holder can likewise execute through Aadhaar in which the Aadhaar of the client is seeded with record. Such exchanges are done through AEPS stage where client is confirmed from UIDAI

Contingent upon the way of the exchange, the specialist either gets the money from or pays money to the accountholder. After fruition of the exchange; the MicroATM produces a receipt to that impact in copy of which one duplicate is given to the record holder.(duly marked by the operator)

All the exchange occur progressively and clients record is credited or charged continuously in CBS System.

What is a Business Correspondent model?

In this creative model, banks may utilize go-betweens, for giving assistance administrations, such administrations may incorporate :

Recognizable proof of borrowers and fitment of exercises

Accumulation and preparatory handling of advance applications

Making mindfulness about investment funds and different items and instruction and guidance on overseeing cash and obligation directing

Advancement and supporting of Self Help Groups/Joint Liability Groups

Post-endorse checking

Observing and handholding of Self Help Groups/Bank Sakhi's Joint Liability Groups/Others

Follow-up for recuperation

Disbursal of little esteem credit

Recuperation of key or intrigue

Accumulation of little esteem stores

Offer of small scale credit items, common assets, protection and so on

Get and conveyance of little esteem settlements and other installment instruments

Last edited by Anuj Bhola; October 29th, 2019 at 01:10 PM.
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