Answered on March 23,2019
Business Correspondent Agents (Bank Mitra) are retail agents engaged by banks for providing banking services at locations where opening of a brick and mortar branch / ATM is not viable. Scope of activities of Business Correspondents / Bank Mitra are as under:
- Creating Awareness about savings and other products and education and advice on managing money and debt counseling.
- Identification of potential customers.
- Collection and preliminary processing of various forms for deposits including verification of primary information/data.
- Filling of applications / account opening forms
- Collection and payment of small value deposits and withdrawals.
- Receipt and delivery of small value remittances / other payment instructions.
- Furnishing of mini account statements and other account information.
- Any other service on behalf of the Bank, duly authorized by the appropriate authority etc
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