Services offered by ESCO to its members as a BC of ESAF Bank
ESCO Offers various financial services also to the members. In order to provide better financial services to its members ESCO has entered into an agreement with ESAF Small Finance Bank and is acting as Business correspondent to ESAF Small Finance bank providing various products and services of the Bank.
- 1. Identifications of customers and due diligence as per "Know Your Customer" norms of Reserve Bank of India.
- 2. ESCO to create awareness about various bank products and originate the leads.
- 3. Collection of deposits.
- 4. Savings and other products awareness and education.
- 5. Receipt and delivery of small value remittance/other payment instruments.
- 6. Sale of micro insurance/mutual fund/pension/other third party products.
- 7. Educate the Bank's Customers about all the terms and conditions (including changes, if any) of the Banks' financial services such as interest rates and all other charges as well as the Bank's policies and procedures in a manner and language that is understood by them. Creating awareness about interest rates, terms and conditions of each product, RBI customer protection guidelines issued from time to time etc.
- 8. Promoting, nurturing and monitoring of JLGs.
- 9. Disbursal of small value credit.
- 10. Educating the prospective customer on the products of Principal and helping him / her to select Bank's product/s as per his/her needs. Helping the Member in filling loan application forms and complying with other procedural requirements of the bank for obtaining the loan.
- 11. Collection and preliminary processing of loan application.
- 12. Processing and submission of application to banks.
- 13. Post sanction monitoring.
- 14. Follow up for recovery.
- 15. Recovery of principal/collection of interest.