Business Daily from THE HINDU group of publications
Saturday, May 05, 2007
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Business Daily from THE HINDU group of publications Saturday, May 05, 2007 ePaper |
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Public Sector Banks Marketing - Channels and Franchises Money & Banking - Financial Services Corporation Bank ties up with dabbawallas Our Bureau
NEW SERVICE: Mr N.N. Pal (right), General Manager, Corporation Bank, and Mr Raghunath Medge, President of Nutan Mumbai Tiffin Box Suppliers Charity Trust, exchanging the documents of an MoU in Mumbai on Friday as Mr B. Sambamurthy (centre), CMD, Corporation Bank, looks on. — Paul Noronha
Mumbai May 4 Mumbai's famed dabbawallas will now offer financial services with hot and fresh meals. Corporation Bank has tied up with Mumbai's dabbawallas to source clients for offering banking services. The dabbawallas will act as business facilitators for distributing mailers and will also collect the filled-up application forms for opening new deposit accounts. There are around 5,000 dabbawallas in Mumbai feeding a client base of around 1.25 lakh office goers and 50,000 students every day. "These dabbawallas will now not only deliver food, but also essential banking services. We plan to tap their huge client base," said Mr B. Sambamurthy, Chairman and Managing Director, Corporation Bank.
Remuneration
The remuneration to the dabbawallas will be based on a flat-fee structure. They will get Rs 2 per form for distribution and Rs 5 per form for collection of the completed application forms. There will be designated dabbawalla officials who will attest the feedback reports before passing them on to the marketing team of the bank. "It is profitable for the bank, " said Mr N.N. Pal, General Manager, Corporation Bank. The dabbawallas will also benefit from the association with the bank and can provide some value added service to their customers, he said. Dabbawallas, who have earned a Six Sigma performance rating for the efficiency in supply chain distribution, will also be encouraged to open savings bank accounts with the bank. "We come to Mumbai to earn a living but most of us do not have a savings account as we have no proof of identity. The association with a bank will encourage us to open bank accounts," said a dabbawalla. A senior bank official said dabbawallas and their families would now find it easier to get round the stringent `Know Your Customer' norms of banks to open accounts. Besides being bankable, dabbawallas are now also being found to be insurable. Recently, Bharti AXA Life Insurance Company launched a social product - GroupSuraksha. The first customers of the group cover included over 1,050 dabbawallas. GroupSuraksha is a one-year renewable group term product designed for co-operatives, institutions and NGOs operating in the rural and social sectors. This affords financial security to families of the members of the group in the event of death of a member. The product allows members to pay premiums in annual, semi-annual, quarterly or monthly modes.
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