The BC agent or business correspondent retail agents are appointed by banks who provide banking services at areas other than an ATM/bank branch. BC agents empower the banks to render baking services at a much lower cost.
Hence, BC agents play a major role in fostering financial inclusion. However, people, who are most likely to be benefited from this, are not aware of this process at all. This guideline will help you to get a clear picture of the topic.
BC Agent at Bank of India
Bank of India BC agent is appointed by the bank and he/she is aimed at providing ready access to pocket-friendly financial services and products for the disadvantaged sections of the society. The BC plays an important role in bringing vital facilities to socially disadvantaged sections of the country, specifically in those areas where banks are not present.
Business Correspondent Responsibilities and Roles
- These agents make sure that banking services are provided to thousands of customers on behalf of numerous banks.
- Their activities are supposed to be executed under the normal course of the concerned bank. The entities are responsible to carry out the activities at areas other than the Bank’s premises.
- Concerning all those transactions, the BC, or his/her agent is authorized to deliver or accept cash at the place of work or any suitable location. Additionally, the BCs are connected to the nearby branch of the bank.
- The BCS identifies potential customers for the bank and is responsible for creating awareness among the customers about the financial products and saving options provided by the bank. Such services are provided by the bank of India CSP in Bihar and many other areas.
- Advising and educating the customers on debt counseling, managing money, recommending loans is another task carried out by the BCS.
- BCS nurture, promote, and monitor Joint Liability, Self Help, and Credit groups.
- While creating a bank account, they complete the KYC process since it’s a part of the formalities comprising of the collection of information regarding the customer from time to time.
- Customers will be provided information related to their account and account statements for at least 3 months from the BC agent.
- To efficiently deliver the banking services,
- Customers who are intending to close their accounts, for them, the bc agent will inform the central or local branch of the bank about the closure of the account.
- If the account holder passes away for some reason, it’s the task of the BCs make sure that this information is passed on to the bank for the deactivation of the existing account.
- Before deposits, a verification process needs to be taken care of. The process comprises of verification, handling, and collection of primary data/information.
- Considering the guidelines of the bank, they disburse small loans such as agricultural loans, entrepreneurial loans, group loans, etc.
- In India, the bank of India customer service point is buckled-up to make sure that all the economically disadvantaged sections are given the appropriate services.