Bank of Baroda Business Correspondent (BC)
In order to leverage banking infrastructure in unbanked areas of India, under the Financial Inclusion Plan, the government of India has implemented the idea of Bank of Baroda Kiosk Banking through their business correspondents.
Bank of Baroda CSP or Bank of Baroda Kiosk banking is a concept that has been designed under Public Private Partnership. Here the BOB Kiosk is a private entity that represents Bank of Baroda in a local area where banks are not present in brick and mortar due to scarcity of resources. Such BOB Kiosks offers banking facilities like Cash withdrawal, cash deposit, account opening, money transfer etc. Apart from basic banking facilities, BOB CSP offers financial plans like Pradhan Mantri Jan Dhan Yojna to implement the government schemes.
The concept of Bank of Baroda CSP is designed not only to bring banking services in unbanked areas but also to bring a new employment opportunities among young and educated youth to empower them to find good employment opportunity in their own rural area. Any rural youth who are educated and meet the bank requirements can start with this business of BOB CSP in low investment and earn heavy profits.
Fine prints of becoming a BOB kiosk
After successful completion of BOB CSP registration, if the candidate meets the requirements and if there is an availability in that region, a BOB Kiosk earns heavy commission for providing banking services entitled to them. There are various commission structure for various services and each has their own fixed commission as a means of earnings.
In a life time – every person needs a bank account, in absence of bank the person is going to visit nearest BOB Kiosk Banking for account opening, the same person will later deposit cash in his/her account, withdraw money every now and then, Transfer money to relatives or business entities, make a fixed deposit for himself etc. For all these services BOB CSP earns a handsome commission.
Apart from a great commission structure, a BOB Kiosk Banking earns name, fame and respect in their local area.
Here is how you can become a Bank of Baroda CSP
To become a Bank of Baroda CSP, you need to apply for Bank of Baroda online application or BOB CSP registration in offline format.
Before making a BOB CSP online application, you should meet following criterion.
- Should be more than 18 years of age
- Must have completed education of 10 Pass
- Should possess computer and have knowledge for same.
- Minimum office space to function
- Minimum investment as guided by Bank of Baroda BC
Once the applicant of BOB CSP registration meets all the criterion, he can apply by online on the Bank of Baroda business correspondents website.
Bank of Baroda BC Point examines the application and the identity documents and reviews if the applicant meets all their requirements, is capable enough to be handed over with this responsibility or not and then may approve or disapprove the BOB CSP registration. In the case of approval, the file is forwarded to the required area bank. The applicant then receives formal training for starting full-fledged Bank of Baroda Kiosk banking.
Frequently Ask Questions
Bank CSP (Customer Service Point) Agents are those individuals who acts as an agent of the bank at places where it is not possible to open branch of the bank. The Kiosk Banking Business Correspondent (BC) model aims to provide real time, user friendly financial services to the consumers in their neighbourhood.
What does the retailer (CSP / BC-AGENT) get ?
- Association with Banks like SBI / BOB / YES BANK
- Bank’s software / portal, User ID (KO ID) and Password
- Biometric Reader & software for electronic thumb impression
- Authorization Certificate of CSP by the BC
- Bank’s Banners, signage, Logo/Stickers/Leaflets/Contact Matrix
- Proper Training of CSP to operate the system by the BC
- Dedicated technical support from the local Supervisors
- Dedicated support from the Help Lines and web portal
- Web Software to operate different services (Recharge/Billing/Travel Solution)
- Opportunity to associate with SBI / BOB / Yes Bank
- Very easy to use application
- Hassle free and simple system
- Real time based transactions
- Very encouraging fee structure for generation of new revenue at CSP level
- Banking, Insurance, Pension and other financial products available for customers
- Opportunity to increase your earnings, goodwill & brand name in the market
- Office or Retail Outlet
- Furniture including chairs for customers
- Electricity
- Laptop or Desktop
- Internet Connectivity
- Printers: (a) General and (b) Thermal
- Web cam
- Finger Print Scanner
- Some Cash for availing Cash-Holding-Limit for successful transactions (at least Rs.25,000/-)
- Application form duly signed
- 10 Passport size colorful recent photos
- Educational Certificates Matric onwards
- PAN Card (Mandatory)
- AADHAAR Card (Mandatory)
- Voter I Card
- Driving License
- Shop Agreement
- Character / Police Verification Certificate
- Name, Address, Mobile No. and signature of two references
- Application Form, related documents and Registration fees received by authority
- Due Diligence Report (DDR) by the authority
- DDR to be filed to Bank’s local branch (Link / Base Branch)
- Recommendation of Branch Manager to Regional / Circle Office.
- Recommendation of Regional Office to LHO
- Generation / creation of KO Code by the Bank
- Configuration of CSP Code by the office
- Capturing of fingers of CSP Operator through Finger Print Scanner by the BC
- Terminal mapping & Activation of KO Code by the Bank
- Technical & theoretical Training of CSP by the authority
- Link Branch / Base Branch of the Bank is informed by the team about activation of CSP
- CSP starts functioning
Service Offerings
1. Bank Account Opening under Pradhan Mantri Jan Dhan Yojana
2. Cash Deposits, Withdrawals, Money Transfer
3. Fixed and Recurring Deposits
4. Balance Enquiry, Statement of Accounts
5. Disbursement of money under Direct Benefit Transfer
6. Lead generation for various loan products of Bank
7. Enrollments under Micro Insurance schemes (PMSBY and PMJJBY) and Atal pension Yojana scheme.
Key Features and Benefits
1. Our outlets are located at the Gram Panchayat level or village locations so that the customers need not travel long distances
2. Our outlets are open for banking services beyond normal banking hours thus providing convenience
3. All our outlets offer paperless and biometric enabled banking to enable the uneducated rural population to do transactions in ease
4. We provide interoperable banking across banks if the user’s account is linked to Aadhaar number
5. Facility to open zero balance accounts under the scheme PMJDY, which is a financial inclusion initiatives
Benefits of Pradhan Mantri Jan Dhan Yojana (PMJDY) Account
1. No minimum balance required
2. Accidental insurance cover of Rs. 2,00,000
3. Life insurance cover of Rs. 30,000 payable on death of the beneficiary, subject to fulfilment of eligibility conditions
4. Beneficiaries of Government schemes will get Direct Benefit Transfer in these accounts
5. Overdraft facility up to Rs. 10,000 is available for one account per household, preferably to the female member of the household.
6. Accidental insurance of Rs.2,00,000 under Pradhan Mantri Suraksha Bima Yojana at a very nominal premium of Rs.12/- p.a.
7. Life Insurance cover of Rs.2,00,000 under Pradhan Mantri Jeevan Jyoti Bima Yojana at an affordable premium of Rs.330/- p.a.
8. Guarantees monthly pension of Rs.1000/- to Rs.5000/- p.m. under ATAL PENSION YOJNA for weaker section of society at an affordable premium.
How a person can become a Banking Correspondent
Interested candidate should submit the online forms duly filled in all the columns and self attested copies of Aadhar card, PAN card, qualification certificate (not below 10th class) and latest police verification report through email to info@admaxds.in . On receipt of application and documents Company representative verifies genuineness of papers and availability of location in consultation with Bank and forwards the request of identified candidate with appointment letter issued by Company (VK Venture Pvt Ltd) to concerned branch of BOB for opening of BC settlement account of BC and complete all the formalities required by Bank. After completion of all the formalities and opening of BC settlement account the comply applies for BC code generation to Bank. Bank’s Head office issues BC Code for identified BC. On receipt of code company’s technical team calls the BC for uploading Bank BC’s software on BC’s computer system and provide necessary primary training for starting operation at BC point. The BC has to work as per PMJDY norms and various schemes of Banks.
Services Offered By BC
- Saving Account Opening
- Fixed Deposit / E-KYC Enrolment
- Loan Deposit
- Recurring Deposit
- Deposit / Withdrawal of Cash
- Balance Enquiry / Mini Statement
- Pass Book Printing
- Tatkal Money Transfer to any Bank
- Account/IMPS Transaction/
- Aadhar Enabled Payment System(AEPS facility)
- Rupay ATM Card/Identity Card
- Social Security Schemes (PMJJY, PMSBY & APY)
- DBT enabled facility in accounts
- 3RD Party Finacial Products Like : Insurance Pension etc.
