Kiosk Banking – An Introduction
The Reserve Bank of India (RBI) defines financial inclusion as the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost.
In the essence of financial inclusion, KIOSK banking is an important concept and basically developed for rural areas of country where less number of banks are and people can’t reach to the bank to use their services.
It is conceived that the kiosks will functions with the support of leading banks in the private, public and cooperative sectors and using the shops as a touch-point for basic banking services such as cash deposits, withdrawals and remittances apart from micro-credit and insurance. Like the ordinary bank branches, the kiosks will offer all the basic services of banking.
Pradhan Mantri Jan-Dhan Yojana (PMJDY)”is a National Mission on Financial Inclusion encompassing an integrated approach to bring about comprehensive financial inclusion of all the households in the country. The plan envisages universal access to banking facilities with at least one basic banking account for every household, financial literacy, access to credit, insurance and pension facility.
Our BFSI offerings include:
- Basic banking services
- Retail Loans
- Recovery of Loans
- Insurance (life and non-life)
- Direct benefit transfer
- Pension transactions
Benefits to Customers:
- A ‘No Frill Savings Accounts’ through KIOSK Banking Model
- General purpose Credit Card (GCC)/Kisan Credit Card (KCC)
- Term Deposit/Recurring Deposit
- Regular Saving Bank Account
- Loans against Term Deposit Receipt (TDR) etc
What type of transactions the customer will carry on?
- This is called a no-frills account where there is no minimum balance or charges levied.
- Maximum balance can be Rs 50000. (Balances above this can be held, but then account is converted to a regular bank account and the terms of the bank and documentations will apply to these accounts).
- Minimum Balance -Zero Balance.
- Maximum limit of transactions is Rs 10,000/- per day.
- No Cheque book is issued
- Only Cash Transactions can be made & only in person by the account holder.
- There is no signature required and only electronic thumb impression is used to access/use the account.
- Customer also benefits from Long banking hours: As long as the shop is open
Minimum requirements for set up of BFSI outlet
- Size of Outlet: Minimum 150-200 sq feet with a counter.
- Adequate space to attend to 5-6 customers at a time.
- System configuration: PC with a minimum configuration of 20 GB hard disk
- Internet connectivity through broad band or VSAT
- An Intel base chip of or superior provider.
- A web cam.
- A standard printer/scanner/Finger print device.