As per the RBI guidelines, the following entities are eligible for appointment of Business Correspondents (BCS) banking:
NGOs/MFls set up under Societies/Trust Acts
Societies registered under Mutually Aided Cooperative Societies Acts or the Cooperative Societies Acts of States
Section 25 companies that are stand alone entities or in which NBFCs, banks, telecom companies and other corporate entities or their holding companies did not have equity holdings in excess of 10 per cent
Post offices
Retired bank employees,
Ex-servicemen
Retired government employees.
Individual kirana / medical / fair price shop owners Individual Public Call Office (PCO) operators
Agents of Small Savings Schemes of Government of India/Insurance Companies Individuals who own petrol pumps
Retired teachers
Authorised functionaries of well run Self Help Groups (SHGs) linked to banks Non deposit taking NBFCs (non-banking finance companies) in the nature of loan companies whose micro finance portfolio is not less than 80 per cent of their loan outstanding in the financially excluded districts as identified by the Committee on Financial Inclusion.
RBI has now permitted banks to engage any individual, including those operating Common Service Centres (CSCs) as BC, subject to banks' comfort level and their carrying out suitable due diligence as also instituting additional safeguards as may be considered appropriate to minimise the agency risks.
Documents Required for BC Banking
Below documents are required to Apply for Bank BC Code:
- Proof of identity such as PAN card, driving license, passport, Aadhaar card, election card, or other government identification documents.
- Electricity bills, telephone bills, distribution cards, election cards and other housing certificates.
- You must pass at least level 10 and submit a Xerox copy of the score sheet and other training documents for Apply Online for BC
- Other types of documents such as police identification card, book, work address, two valid photos, and more.
Note:
- Once the submied document with the Branch is approved VLEs can Start the work as a Banking correspondent (BC).
- If the account is not acvated within 15 days, the account shall be closed at the backend.
- VLE needs to submit Police clearance / Verificaon cerficate along with IIBF cerficate to Banking team of CSC
within the time line.
- CSC SPV or its employees don't charge any money for generating the Banking Correspondent (BC) code.
Eligibility For Open CSP Banking
- The age of the applicant should not be less than 18 years.
- The applicant must have a computer certificate.
- The person applying should be a resident of the same area where he wants to open a customer service center.
- The applicant must have at least his own or rented room or shop of 100 square feet.
- Electricity facility.
- Sitting facilities for customers.
Documents required for CSP Banking
Below documents are required to Apply for Bank CSP Code:
Application form fuly signed
Passport size recent photos.
Educational Certificates Matric onwards
PAN Card
AADHAAR Card
Driving License
Shop Agreement
Character / Police Verification Certificate
Address, Mobile No. and signature of two references
Related Article:
What is BC/CSP Banking
Apply for open BC/CSP Banking
