OUTREACH BANKING AND BUSINESS CORRESPONDENTS
Outreach Banking and Business Correspondents
In accordance with the Government of India’s vision to enhance financial inclusion and provide last mile delivery of banking services in a viable manner for both the bank and the last-mile households, Equitas Small Finance Bank Ltd. (ESFB) has deployed Business Correspondent (BC) model of banking. The BC’s are managed by the Outreach Banking unit of ESFB. ESFB BC’s provide plethora of financial services and help in enhancing financial literacy in their respective catchments. BC’s help us increase ESFB’s footprint by providing banking services at the last mile to the local population. BC’s leverage their local goodwill and knowledge to provide an avenue to access formal sources of credit and financial services to the unserved and underserved segment.
Business Correspondent Model (Eligible individuals and Entities)
Individual
Entity
Retired Government and PSU Servants
NGOs set up under the Indian Societies / Trusts Acts
Ex-service men
Cooperative Societies registered under Mutually Aided Cooperative Societies (MACS) Act or the Cooperative Societies
Individual owners of Kirana / Medical / Fair
Acts of States/Multi State Cooperative Societies Act.
Price shops / Hardware / Stationery
Section 25 Companies.
Small Savings Schemes agents
Companies registered under the Indian Companies Act, 1956 with large and widespread retail outlets, excluding NBFCs.
Individual Petrol Pump owners
Post Offices
Well run SHGs
Primary Agricultural Cooperative Society (PACS)
Individuals operating Common Service Centres
Customer Service Centres (CSCs)
Insurance Agents
Authorised Functionaries of well run Self-Help Groups (SHGs) linked to Banks.
Professionals like Videographers / Astrologers / CAs
Non-Deposit taking Non-Banking Finance Companies (NBFCs)*
Browsing Centres & Small Eateries
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Any business person running one or more of the above
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For finding out more on the Business correspondents model of banking, do check the following links
