ESAF Cooperative has entered into an agreement with ESAF Small Finance Bank to act as a Business correspondent of ESAF Small Finance bank, providing various products and services of the Bank as per the details given below;
Customer Service Centres (CSCs) Highlights
Considering ESAF Co-operative as a whole and as a Business Correspondent of ESAF SFB, the IT initiatives of ESAF Co-operative has put in place state-of-the art measures in strengthening the base of new era banking security, monitoring and centralized control for all Customer Service Centres spread across India. The implementation of new security policies, monitoring and support has brought drastic changes to the BC business. The key highlights of IT initiatives are given below:
In an era of heightened competition, thin profit margins and cost constraints, establishment of conventional bank branches in all locations cannot be a viable proposition. Agency Banking has been introduced in the banking sector with this objective in mind a while ago by most of the front-line Bankers. This is an efficient and effective tool for implementation of Financial Inclusion programme. In this context ESAF SFB has piloted on this cost-effective delivery mechanism to reach out to remote locations and satisfy the financial needs of clientele at an affordable cost. ESCO being the principle BC partner of ESFB, they have suggested to take this new venture ahead as a new stream of business
Agent banking network under BC (Business Correspondent) is an alternative delivery channel for a bank’s financial services and products, aimed at serving the underserved population in a cost effective and efficient method. The delivery channels are serviced by special Agent/Customer Service Centres (CSCs) appointed by the bank in their respective locations (Rather than a teller/ cashier), who provides easy access, limited scale banking and financial services to the underserved population. ESMACO corporate Agent of ESAF Small Finance Bank will appoint ESMACO CSC, Aggregators, Individual Agents, Petty Shop Agents and Vehicle agents as direct Sub-Agent. Only Aggregator shall appoint sub-agents under Tri-partite agreement between ESMACO, Agent and Aggregator.
Agent banking network under BC (business correspondent) means an alternative delivery channel for a bank’s financial services and products, aimed at serving the underserved population in a cost effective and efficient method. The delivery channels are serviced by special agents appointed by the bank in their respective locations (rather than a teller/ cashier), who provides easy access, limited scale banking and financial services to the underserved population.