Left Menu
Development News Edition

Andhra Bank to deploy over 1,600 business correspondents to boost financial inclusion programme


State-owned Andhra Bank will deploy over 1,600 business correspondents to provide a host of services like account opening, door-step banking, ATM deployment and NPA recovery under its financial inclusion project.

The bank will deploy these business correspondents mainly in Andhra Pradesh and Telangana.

The lender has been implementing the financial inclusion project since 2010 through the business correspondent model with micro ATMs/kiosk banking technology.

Among others, the business correspondents (BCs) may also be assigned with other financial and non-financial transactions like recovery of loans, enrolment of social security schemes as well as mobilisation of new business for the bank.

They may also be required to carry on with all government schemes including Aadhaar, mobile and PAN seeding, insurance sales, banking transactions and any new initiatives taken up by the bank from time to time.

The bank has invited bids from corporate business correspondents (CBCs) or vendors, who will oversee the deployment of business correspondents, by January 31, 2019.

"Andhra Bank invites proposals for selection of corporate business correspondents (CBCs) for end-to-end implementation of financial inclusion project," it said in the request for proposal.

As of now, the bank has deployed about 2,200 BC agents through corporate business correspondent (CBC) model across Andhra Pradesh, Telangana, Odisha and some locations of Maharashtra, Tamil Nadu, Chhattisgarh and Bihar.

"The selected vendor will deploy all the banking applications on the micro ATMs/ mobile devices/kiosk without any extra cost to the bank," it said.

As per the project, the bank wants to deploy 922 BC agents in Andhra Pradesh and 695 in Telangana by March 2019 apart from some mobile business correspondent agents who are expected to operate from different locations in other states.

Andhra Bank said it will give priority to the authorised functionaries of well-run self-help groups (SHGs) which are linked to banks to act as BC agents.

Besides, any individual or entities approved by the bank, individuals including retired bank employees, retired government school teachers, kirana shop owners,

dealers working in public distribution system, retired government employees and ex-servicemen may also be deployed.

As per the proposal document, the business correspondent agent's age should be preferably between 20 to 40 years, and should not exceed 50 years, the bank added.

At present, Andhra Bank uses separate Financial Inclusion Gateway (FIG) solution procured from a third-party vendor for all financial inclusion transactions.

The lender said it also proposes to deploy 200-1,000 direct business correspondents over five years.

The bank will procure the devices and the selected bidder to provide application software for deployed devices and also facilitate end-to-end operations by acquiring the transactions, it said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

Beware! Maximum cyber criminals eye your personal data

A report of the World Economic Forum revealed that cyber security is increasingly becoming an issue of public security as the majority of cyber criminals are increasingly targetting individual internet users. This requires preventive measur...

WEF 2020: Trump seems politically correct in pulling out from Paris Agreement

If the survey of the World Economic Forum WEF is believed, Trump seems to enjoy the confidence of his people in flaying climate intuitions and climate activists. His preference for economic development over environmental protection not only...

From home to healthcare, here are Robotic innovations transforming lives

Lovot is equipped with more than 50 sensors such as thermography, microphone array, obstacle detection, and touch sensor to generate motion and emotions in real-time....

Translating words to deeds: Achieving gender parity in access to financial resources

... ...

Videos

Latest News

UPDATE 1-U.S. presidential hopefuls Sanders, Biden in tight race in early primary states -polls

U.S. Senator Bernie Sanders and former Vice President Joe Biden appeared to be locked in a tight race for the Democratic presidential nomination, with only days left until voting begins, a couple of surveys indicated on Sunday. Sanders led ...

Nadda alleges AAP and Congress behind anti-CAA protests

BJP President JP Nadda on Sunday said that AAP and Congress are behind the protests in various parts of Delhi against the amended Citizenship Act. Some people are sitting in baghs gardens these days. Some are sitting in this bagh, some in t...

Anti-CAA protestors detained in Chennai

Anti-Citizenship Act protestors were detained by the police in the citys Valluvar Kottam area on Sunday. Earlier on Friday too, a protest was held against the Citizenship Amendment Act CAA, the National Register of Citizens NRC and the Nati...

WHO chief says he is on way to China to confer on virus, boost response

The World Health Organisations director-general said late on Sunday he was on his way to Beijing to confer with Chinese officials and health experts about the coronavirus outbreak.In a tweet, Tedros Adhanom Ghebreyesus said he wanted to str...

Give Feedback