Frequently Asked Questions
- 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 account, loans etc.).
The Business Correspondent carries a mobile device.
The villager gives his thumb impression or electronic signature, and get the money
Business Correspondents get commission from bank for every new account opened, every transection made via them, every loan-application processed etc.
- Non-Governmental Organisations(ngos)
- Self Help Groups (shgs)
- Micro Finance Institutions (mfis)
- Post Offices
- Insurance Agents
- Civil Society Organisations (csos)
- Farmers’ Clubs
- Community Based Organisations
- Cooperatives Societies
- Village Knowledge Centres
- Agri Clinics/ Agri Business Centers
- Krishi Vigyan Kendras
- Khadi And Village Industries Units
- Corporate Entities With IT Outlets In Rural Parts
- Create awareness about savings.
- Give advice to villagers, about how to save/invest money and how to arrange/manage loans.
- Help the villagers to open bank accounts.
- Collect loan applications, forward them to bank.
- Preliminary processing of loan applications for example: verification of person’s identity, home-address etc.
- Help the Self Help Groups (SHG), to get loans.
- Help the bank to collect emis and recover loan money.
- BC will open a saving account in nearest Bank Branch.
- He will open a OD account and if Branch don’t allow send his/her Photo, Aadhar, Pan NO, mail id, phone no, Linked Branch id etc. to banksmitra.in
- Head office will provide an Appointment letter to regional office for permission of OD account. Same letter will also be provided to BC by Head office.
- After opening of OD account, you have to send the complete excel format to banksmitra.in for KO code permission along with payment deposit slip by your side.
- Head office will send BC details to regional office for KO code and maximum in one week KO code will be generated.
- Bc has to set up a FD in the concern Branch as security and back will provide interest on this FD.
- In this account, customer can deposit a fix amount each month and bank will provide interest on it.
- 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/-
- Computer/Laptop, Printer, Bio-metric and PIN PAD.
- 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 amount of any bank in which Aadhar of customer of customer has been updated.
- 2 Photo, Aadhar card, PAN No, Electricity Bill/Voter card, Police verification, MC/Sarpanch Character certificate, 10 Rs. Stamp paper.
- Commission of each month will be transferred in BC OD after next 15 date of next month. For example, for month August, commission will be transferred upto 15 September.