BANKING AFFAIRS

Detailed explanation-1: -Business Correspondent is an extended arm of the Bank Branch who is providing Financial and Banking services to the customers in unbanked and underbanked areas. Our Bank empanel Corporate Business Correspondents who in turn deploy Individual Business Correspondents at the allotted BC locations.

Detailed explanation-2: -other party else for performing its banking activities” is known as banking correspondence. This banking correspondence happens between a bank and its customers or between a bank’s head office and its branches and employees or between a bank and other banks through printed letters or through hand written letters.

Detailed explanation-3: -As per the Indian Banks’ Association website, there are 285 corporate BCs in India including Fino Payments Bank, Save Solutions, Airtel Payments Bank, among others.

Detailed explanation-4: -The banking system of India consists of the central bank (Reserve Bank of India-RBI), commercial banks, cooperative banks and development banks (development finance institutions). These institutions, which provide a meeting ground for the savers and the investors, form the core of India’s financial sector.