A complete overview about Business Correspondent: Roles and Responsibilities
Who is a business correspondent? On behalf of the banks, Business Correspondents ensure that millions of customers receive last-mile financial services. They must carry out their activities in the ordinary course of the bank's banking activity, but via and by organizations located outside of the bank's premises. In all such transactions, the Business Correspondent or his or her agent is authorized to accept or deliver cash at his or her place of business or any other suitable location, subject to the stipulated daily / per customer restrictions. People can avail the benefits of SBI mini banking , where they can do their work in the best manner. Although a Business Correspondent can represent and supply banking services for multiple banks, at the point of consumer contact, the retail outlet or sub-agent of the BC should only represent and offer banking services for one bank. The terms and circumstances of the contract between the ban...