Financial Inclusion Services

BC Managed Banking Outlet

Centillion as a Business Correspondent can set-up BC service points and manage the BC operations across all states in India. This involves the setting up of the BC service point and deploying trained manpower to manage these points.

The activities in the BC points involve:

• The sourcing of all Asset products.
• Sourcing and fulfillment of housing loans, gold loans, tractor and two-wheeler loans and various agri and allied product loans.
• Cash transactions, Cash Management and Daily Reconciliation of the cash at each point.
• BO will report into the nearest bank branch for all the activity.

BC Service Point

As per the 2011 Census, even though nearly 70% of Indians live in rural areas, only 37% of total banking branches are located in rural areas. Only about 300 million of the potential 858 million adult individuals in India have been included in the financial ecosystem, which means for over 550 million ‘Financial Inclusion’ is still waiting to happen. This, and the sheer size of the rural business opportunity that lies untapped today (rural savings in India is 44% of overall savings) are the key drivers for banks to setup banking services in rural areas. However, a major barrier for financial institutions to establish their branch network for banking is the cost of providing banking services, which includes infrastructure setup cost, manpower, and communication costs, among others. The gestation period is quite prolonged, which delays the profitability of rural branches when compared to urban branches. To help banks overcome such challenges, RBI’s policy of allowing banks to utilize business correspondents to offer the bank’s services in unbanked areas is a considerably attractive option.

This is where Centillion can offer its expertise and experience. As Business Correspondent, Centillion can partner with leading financial organizations to offer their expertise in setting-up basic banking infrastructure through its Business Correspondent Service Points (BCSPs) in several states of the country in a short span.

Key Advantages:

• Basic Infrastructure set-up for cash transactions.
• Manpower deployment and training.
• Cash management for daily transactions.
• Selling and marketing of the bank’s assets and liabilities products.
• Regular MIS and reporting.

BC Service Workflow

PMJDY Point

Pradhan Mantri Jan-Dhan Yojana (PMJDY), the National Mission for Financial Inclusion ensures access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance and Pension in an affordable manner. PMJDY focuses on coverage of households of rural as well as urban areas. Centillion sets up PMJDY BC points that

• Source for accounts enrolment and all types for Asset and Liability products.
• Collecting applications and necessary documents for products across the segments.
• Customer servicing of accounts by way of cash disbursements and collections.

Mobile Point

The Mobile points help the farmers who live in remote villages and do not have access to a bank or even a BC point. The Mobile points are mapped under a Business correspondence (BC) point and each mobile point will have at least 5 to 6 villages to be covered under them. Mobile points are wireless devices that performs the functions of a cash register (Withdrawal and disbursement). Centillion Executives travel to these remote villages to service the customers of the Bank (disburse or collect cash to and from the farmers).