Taking Banking Services to the Doorstep of Rural India:
The Reserve Bank of India (RBI) came out with a set of Financial Inclusion guidelines in January 2006 allowing banks to appoint a Business Correspondent (BC) and Business Facilitator (BF) to extend hassle free savings and loan facilities and other banking services at an affordable cost to the underprivileged and unbanked population.
AISECT started its financial inclusion initiatives in 2009 when the organization joined hands with State Bank of India (SBI) to provide banking services through their Common Service Centre (CSC) network in the under banked and unbanked areas of Madhya Pradesh and Chhattisgarh.
The performance of AISECT in the field of Financial Inclusion has been widely acknowledged and appreciated and the organization became the National Business Correspondent of SBI and Bank of India in 2011. Subsequently AISECT became Business Correspondent of Madhyachal Gramin Bank for the state of Madhya Pradesh & Punjab Gramin Bank for the State of Punjab. Recently, AISECT has been appointed National Business Correspondent for Bank of Baroda and has commenced its Financial Inclusion operations all over the country.
- AISECT among first 3 BCs at All India Level in all Business Parameters.
- AISECT Operating through 2625 Banking Kiosks.
- More than 80 Lacs account opened so far.
- Deposit of Rs. 706.96 crore held in the accounts of customers.
- Average Balance of Rs. 872.98/- maintained per account.
- More than 60 Crores of commission earned so far.
- Average Commission per CSP – Rs.7,500/- to Rs.8,000/- Per Month.
- All Kiosks provide banking services to their customers from 8 AM to 8 PM X 365 Days & AISECT provides all services to Kiosks during the period.
- AISECT maintains regular touch with CSPs through Watts App, Face book, AISECT Portal, E-mails, SMS & Call Center.
- CSPs are kept abreast with the latest products and technological developments in Kiosk Banking through District Level Meetings, training programs in collaboration with SBI officials.
AISECT’s Business Correspondent/ Customer Service Point is empowered to provide the following services :
- Customer enrolment, including collection of biometric and other details
- Provide card (ID Card, Debit Card, Credit Card), PIN
- Deposit of money in an account and withdrawal of money from an account
- Remittances from an account with a bank to an account with the same or any other bank
- Balance Enquiry and issue Receipts/ Statement of Accounts
- Disbursal of credit facilities to borrowers involving small amounts strictly as per the instructions of the bank
- Collection and prima facie scrutiny of loan applications including verification of primary data
- Facilitating the repayment of dues owed to the bank by its customers/guarantors
The above services are offered in respect of the following products:
- No Frills Savings Bank Accounts
- Recurring Deposit Accounts
- Fixed Deposit
- Overdraft/Retail Loans
- Loans against TDR/NSC/KVP etc.
- Gold Loans
- General purpose Credit Card (GCC)
- Kisan Credit Card (KCC)
- Savings Bank Account
- Term Deposits
- Pradhan Mantri Suraksha Bima Yojna (PMSBY)
- Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY)
- Pradhan Mantri Jan Dhan Yojna (PMJDY)
- Mudra Loan
- Rupay Debit Card
Technology plays a critical role in enabling a Business Correspondent to perform its tasks efficiently. Some of the popular technology models being deployed for banking include :
The typical workflow of a BC using kiosk banking and biometric based authentication is as follows :
Radio-Frequency Identification (RFID)
Radio-Frequency Identification (RFID) is the use of radio waves to read and capture information stored on a tag attached to an object. A tag can be read from up to several feet away and does not need to be within direct line-of-sight of the reader to be tracked.
AISECT Ltd. has joined hands with State Bank of India for the marketing and recharge of RFID Tags. AISECT Ltd. is authorized to cover the entire country to promote RFID Tags through its vast network of franchisees.
SBI FASTag Operations
- Issuance of SBI FASTags
- SBI FASTag Activation
- Re-Issuance of SBI FASTags
- SBI FASTag/Wallet Closure
- Re-activation of SBI FASTag
- Liaising with Issuing Host Solution Service provider
- Issuing and Top-up of SBI FASTags by accepting Cash, Credit Card , Debit Card etc. at PoS locations.
Role & Responsibilities
- Setting Up, Operate And Maintain Point Of Sales (Pos) Kiosks At Various Locations
- Conducting outbound activities in camp approach for issuance of RFID tags
- Verification of requisite documents i.e. KYC of the customer
- Physical verification of the vehicle as per Registration Certificate including owner details
- Registration Of RFID Tags in The Issuing Host System
- Fixing Up The RFID Tag At The Vehicle as per the vehicle type/class
- Maintaining the sufficient stocks/inventory level of RFID tags at its issuing centers, life cycle management of RFID tags including inventory
- Reconciliation of day to day activities, cash management etc
- Providing facilities for recharge/topping up of RFID tag accounts of the vehicle user at POS kiosks