Financial Inclusion

Branchless Banking is the concept of providing banking services outside the conventional bank branches either by using information and communication technology services or third party organization (commonly known as Business correspondent). Business correspondent forms the necessary link along with the extensive use of information and communication technology to deliver the financial services to low income people beyond traditional banking channels. They provides their expertise with qualified human resources, technology and commitment to enable rural clients, who had been previously neglected by the Financial Institution due to high cost involved, to have banking and other facilities at their own village. This provides the win-win situation to all the stakeholders involved (Bank, Business correspondent and the clients). For banks it minimizes the required capital for expansion but increases their access to remote areas to enable a rapid drive to high volume required for profitable business with low acquisition and services cost. For Business correspondent it increases business as associated with the bank brands, fee revenue from banks, differentiated services offered as a one point stop for financial services solutions. For clients it is the proximity of service point that saves time and cost, comfort in dealing with the local representatives and finally having access to formal financial sector.