Banking and Financial Inclusion

Bank Business Correspondent

What is Business correspondent? Business correspondents are bank representatives. They help villagers to open bank accounts. They help villagers in banking transactions. i.e. deposit money, take money out of savings account, loans etc. They carry a mobile device. The villager gives his thumb impression or electronic signature, and get the money. Business Correspondents get commission …

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Payment Banks

What are Payment Banks? Payment banks are non-full service banks, whose main objective is to accelerate financial inclusion. These banks have to use the word ‘Payment Bank’ in its name which will differentiate it from other banks What will they do? Collect deposits ( up to 1 Lakh/individual) Offer Internet banking Facilitate money transfers Sell …

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