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Navigating the World of Finance: How to Stay Up-to-Date as a Bank Correspondent

How to Stay Up-to-Date as a Bank Correspondent

Do you love talking and interacting with people? Do you want to work in a bank and not go to the office every day? Are you interested in providing banking services to rural Indian citizens? You can do all of these if you become a Banking Correspondent, even if you do not want to finish your school or study higher..

Banking Correspondents represent a particular bank branch in a remote operational area of the bank and help in the welfare of the poor. They assist the local people in Indian villages to open bank accounts, spread awareness regarding finance/savings and deal with their daily banking queries

Why become a bank correspondent?

As a Bank/Business Correspondent, you will be representing a branch of a particular banking a remote operational area of the bank and help people living in the area avail of various basic banking services such as opening a bank account, depositing and withdrawing of money, applying for a loan, etc. You should preferably be a resident of the specified area as it is important for the locals to be able to trust you.

You will be spreading awareness about banking services and educating customers about the benefits of availing of banking services. You will be promoting various banking services such as savings and current accounts, consumer loans, housing loans, business loans, farm loans, etc. Your responsibility will be to get more and more customers for your bank and offer basic banking services to the customers. You will need to collect forms and KYC documents etc. from the bank customers. You will be involved in daily banking transactions.

What does bank correspondent do?

As a Bank/Business Correspondent, you will be engaged with one or more of the following roles and responsibilities: –

  • You will be reached out to remote areas which do not have any branches of banks.
  • You will carry a mobile device as well as a portable printer. Using the mobile device, you will help people carry out banking transactions.
  • You will assist people in remote rural areas open bank accounts and carrying out various basic banking transactions such as depositing and withdrawing money as well as applying for a consumer loan, applying for a credit card (such as Kissan Credit Card, Rupay Card), applying for a business or farm loan, etc.
  • You will verify whether the customers are eligible for various banking services as per the bank’s guidelines. You will collect and check various documents such as address proofs, identity proofs, income proofs, etc.
  • You will use biometric verification of thumb impressions or digital signatures of the customers to help them do banking transactions.
  • You will recommend small loans to customers to take care of their financial needs. Small loans include agricultural loans, business loans, etc.
  • You will provide various bank account-related information to the bank’s customers in remote areas.
  • You will also promote and help customers buy various financial services such as life insurance, pension schemes, mutual funds, etc.

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How to become a bank correspondent – eligibility criteria

Even if you do not want to finish senior or higher secondary school, you can pass the class 10 examination and get a job as a Business Correspondent/Business Facilitator. Ideally, you should obtain NSQF Level 4 certificate as described above to get good job opportunities.

Educational Fees

The educational fees to become a bank correspondent is somewhere around Rs. 5000 to 10,000.

Job Opportunities

You will find work as a representative Business Correspondents (BCs) or Business Correspondent Agent (BCAs) or Business Facilitator (BFs) of a bank’s branch according to its areas of operation. You may also render your personal services in rural areas after registering as a VLE (Village Level Entrepreneur).

Salary of a bank correspondent

At an entry-level position, you can expect to earn about Rs. 5,000/- to Rs. 6,000/- per month. However, you will also earn commissions on the number of customers you enroll in banking services and the amount of business you do. For example, you will earn commissions on the number of bank accounts opened, amount of cash deposits, amount of loans disbursed, etc.

You will also get a daily allowance which could be about Rs. 50/- apart from the salary, commissions and incentives that you will earn.

Career Progression in bank correspondent profession

With proper experience and skill, you can progress fast as a Business Correspondent/Business Facilitator and serve larger areas of the concerned bank or even move to other banks in the future after gaining relevant experience. With the right skills and experience, you can be promoted to other banking jobs such as Sales Officer, Customer Services Officer, Relationship Officer, etc. which will offer you much higher pay.

The future of the Banking, Financial Services and Insurance (BFSI) industry looks very bright as it has been growing fast over the last two decades. In the last 15 years, the Indian BFSI industry has expanded manifold and is expected to grow at a steady rate. The Pradhan Mantri Jan Dhan Yojana was rolled out in 2015 and has seen success so far. It is also expected to provide highly extensive financial services to the unbanked areas in the years to come. Hence, skilled labor is needed for this industry to flourish. Through various schemes, the Indian government is developing a larger pool of trained and skilled human-centered manpower for this sector. All these indicate a bright future for Banking Correspondents and Business Correspondents.

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