BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

Please wait while the activity loads.
If this activity does not load, try refreshing your browser. Also, this page requires javascript. Please visit using a browser with javascript enabled.

If loading fails, click here to try again

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Which of the following activities can be undertaken by a Business Correspondent?

A	Selling mutual fund products
B	Selling Pension products
C	Extending small credit on behalf of the banks
D	All of the above

Explanation:

Detailed explanation-1: -Business Correspondents are retail agents engaged by banks for providing banking services at locations other than a bank branch/ATM.

Detailed explanation-2: -Notes: The business correspondent is authorised to collect small ticket deposits and extend small credit on behalf of the banks. A BC also takes activities like selling mutual fund products, selling Pension products and extending small credit on behalf of the banks.

Detailed explanation-3: -Eligibility Criteria for Business Correspondent Individual owners of kirana / medical /fair price shops. Individual Public Call Office (PCO) operators. Agents of Small Savings schemes of Government of India/Insurance Companies.

Detailed explanation-4: -Business Correspondents and Business Facilitators (BCBF) course include representatives appointed by the banks to supply banking services and act as an agent in the respective locations where the bank will not have a presence so as to push money inclusion.

There is 1 question to complete.