{"id":1972,"date":"2024-03-30T14:59:53","date_gmt":"2024-03-30T09:29:53","guid":{"rendered":"https:\/\/lotusarise.com\/qna\/?p=1972"},"modified":"2024-04-03T07:05:53","modified_gmt":"2024-04-03T01:35:53","slug":"q-what-is-are-the-facility-facilities-the-beneficiaries-can-get-from-the-services-of-business-correspondent-bank-saathi-in-branchless-areas","status":"publish","type":"post","link":"https:\/\/lotusarise.com\/qna\/upsc\/q-what-is-are-the-facility-facilities-the-beneficiaries-can-get-from-the-services-of-business-correspondent-bank-saathi-in-branchless-areas","title":{"rendered":"Q. What is\/are the facility\/facilities the beneficiaries can get from the services of Business Correspondent (Bank Saathi) in branchless areas?"},"content":{"rendered":"\n<ol class=\"wp-block-list\">\n<li>It enables the beneficiaries to draw their subsidies and social security benefits in their villages.<\/li>\n\n\n\n<li>It enables the beneficiaries in the rural areas to make deposits and withdrawals.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Select the correct answer using the code given below.<\/p>\n\n\n\n<ul class=\"mcq wp-block-list\">\n<li>1 only<\/li>\n\n\n\n<li>2 only<\/li>\n\n\n\n<li>Both 1 and 2<\/li>\n\n\n\n<li>Neither 1 nor 2<\/li>\n<\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>Answer: (c) Both 1 and 2<\/strong><\/p>\n<\/blockquote>\n\n\n\n<h5 class=\"wp-block-heading\" id=\"bank-sathi\">Bank Sathi:<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bank Sathi or Business Correspondent scheme was started&nbsp;<strong>to extend Financial Inclusion enabling the poor to do banking even in places there is no bank branch<\/strong>. These are mainly&nbsp;<strong>rural areas<\/strong>. In India, there are about 6 lakh villages.<\/li>\n\n\n\n<li>Business Correspondents are&nbsp;<strong>bank representatives linked to some branch<\/strong>. They help villagers to open accounts. It will provide basic services like deposits, withdrawals, Kisan Credit Card, etc.<\/li>\n\n\n\n<li>BCs are known as Bank Saathi or Bank Friend as Saathi means Friend or someone who is with you in case of need.<\/li>\n\n\n\n<li>Besides providing basic banking, BC also enables the collection of government subsidies, social security benefits to be directly credited to the accounts of the beneficiaries, enabling them to draw money from the Bank Saathi in the village itself.<\/li>\n\n\n\n<li>The Deposits made through Bank Saathi gets Deposit Insurance Cover like other deposits in the banks made directly.<\/li>\n\n\n\n<li>Business Correspondents\u00a0<strong>get commission<\/strong>\u00a0from bank for every new account opening, every transaction made via them, every loan-application processed etc.\n<ul class=\"wp-block-list\">\n<li>The Business Correspondent carries a mobile device and helps villagers in banking transactions. (Deposit money, take money out of savings account, loans etc.).<\/li>\n\n\n\n<li>The villager gives his thumb impression or electronic signature, and gets the money.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h6 class=\"wp-block-heading\" id=\"eligibility-to-become-a-business-correspondent\">Eligibility to become a Business Correspondent<\/h6>\n\n\n\n<ul class=\"wp-block-list\">\n<li>As per the RBI guidelines, the following entities are eligible for appointment of Business Correspondents (BCS) for banks:\n<ul class=\"wp-block-list\">\n<li>NGOs\/MFls set up under Societies\/Trust Acts<\/li>\n\n\n\n<li>Societies registered under Mutually Aided Cooperative Societies Acts or the Cooperative Societies Acts of States<\/li>\n\n\n\n<li>Section 25 companies that are stand alone entities or in which NBFCs, banks, telecom companies and other corporate entities or their holding companies did not have equity holdings in excess of 10 per cent<\/li>\n\n\n\n<li><strong>Post offices<\/strong><\/li>\n\n\n\n<li><strong>Retired bank employees,<\/strong><\/li>\n\n\n\n<li><strong>Ex-servicemen<\/strong><\/li>\n\n\n\n<li>Retired government employees.<\/li>\n\n\n\n<li>Individual kirana \/ medical \/ fair price shop owners Individual Public Call Office (PCO) operators<\/li>\n\n\n\n<li>Agents of Small Savings Schemes of Government of India\/Insurance Companies Individuals who own petrol pumps<\/li>\n\n\n\n<li><strong>Retired teachers<\/strong><\/li>\n\n\n\n<li>Authorised functionaries of well run Self Help Groups (SHGs) linked to banks Non deposit taking NBFCs (non-banking finance companies) in the nature of loan companies whose micro finance portfolio is not less than 80 per cent of their loan outstanding in the financially excluded districts as identified by the Committee on Financial Inclusion.<\/li>\n\n\n\n<li>RBI has now permitted banks to engage any individual, including those operating Common Service Centres (CSCs) as BC, subject to banks\u2019 comfort level and their carrying out suitable due diligence as also instituting additional safeguards as may be considered appropriate to minimise the agency risks.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Select the correct answer using the code given below. Answer: (c) Both 1 and 2 Bank Sathi: Eligibility to become a Business Correspondent<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[1,3],"tags":[38],"years":[59],"class_list":["post-1972","post","type-post","status-publish","format-standard","hentry","category-upsc","category-prelims","tag-indian-economy","years-59"],"acf":[],"taxonomy_info":{"category":[{"value":1,"label":"UPSC"},{"value":3,"label":"Prelims"}],"post_tag":[{"value":38,"label":"Indian Economy"}],"years":[{"value":59,"label":"2014"}]},"featured_image_src_large":false,"author_info":{"display_name":"LotusArise","author_link":"https:\/\/lotusarise.com\/qna\/author\/team-lotusarise"},"comment_info":0,"category_info":[{"term_id":1,"name":"UPSC","slug":"upsc","term_group":0,"term_taxonomy_id":1,"taxonomy":"category","description":"","parent":0,"count":1269,"filter":"raw","cat_ID":1,"category_count":1269,"category_description":"","cat_name":"UPSC","category_nicename":"upsc","category_parent":0},{"term_id":3,"name":"Prelims","slug":"prelims","term_group":0,"term_taxonomy_id":3,"taxonomy":"category","description":"","parent":1,"count":1251,"filter":"raw","cat_ID":3,"category_count":1251,"category_description":"","cat_name":"Prelims","category_nicename":"prelims","category_parent":1}],"tag_info":[{"term_id":38,"name":"Indian Economy","slug":"indian-economy","term_group":0,"term_taxonomy_id":38,"taxonomy":"post_tag","description":"","parent":0,"count":225,"filter":"raw"}],"_links":{"self":[{"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/posts\/1972","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/comments?post=1972"}],"version-history":[{"count":0,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/posts\/1972\/revisions"}],"wp:attachment":[{"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/media?parent=1972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/categories?post=1972"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/tags?post=1972"},{"taxonomy":"years","embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/years?post=1972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}