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India has a huge population which still doesn’t have a seamless access to the financial systems and institutions. Lack of education, poverty and lack of easy access to the banks make it difficult for these people to develop financial literacy and wisdom. Financial inclusion covers:
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Proximity to the bank branches |
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Customer-friendly systems and documentation |
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Channels / intermediaries for facilitation |
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Education and basic understanding of finance |
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Awareness and knowledge of bank accounts and other avenues |
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Discipline and priorities |
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Schemes and policies to the small investors and micro-finance consumers |
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Ease of use and supporting infrastructure |
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Identification, onboarding, training of Field Business Correspondence (FBC) / Bank Mitra. |
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Assist FBCs in setup of center along-with provision of IT infrastructure including internet connectivity to conduct real-time banking transactions. |
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Guide, motivate and monitor FBCs to open bank accounts, online updating of KYC details, conduct real-time banking transactions such as cash Deposit, withdrawal & fund transfer, etc., open micro-insurance accounts and pension accounts and ensure timely payment of installment by customers, Assistance in recovery of non performing assets. |
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Constantly monitoring at every level to ensure prevention of frauds. |
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Assist in conducting Financial Literacy Campaigns, conduct product promotional campaigns, conducting awareness campaigns regarding various Government Schemes. |
