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Indepay appointed as Business Correspondent (BC) for State Bank of India
14 March 2011
Indepay has been appointed as Business Correspondent (BC) for State Bank of India (SBI) and has signed up an agreement with SBI to offer RBI guidelines approved Correspondent Banking at retail outlets.
Indepay is currently focusing it efforts on NCR and North East India to enable the BC Agents to offer no frills banking at rural and semi-urban outlets and plans to scale the model to other states in India soon.
The RBI approved BC model allows kirana or grocery stores and other small businesses to offer banking services through kiosks, where customers can open an account, deposit cash, withdraw or transfer money and get a valid receipt for the transaction.
A person can and open a no-frills account with simply walking in at any such kiosk, without the mandatory proofs of identity and residence as necessary to open an account a normal bank branch; nor is it mandatory to maintain a minimum balance. The BC Agent will take a photo of the person also fingerprints with a biometric device.
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