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Srei Sahaj e- Village Ltd, along with the Central Bank of India, will provide banking services to over 27 lakh people in 269 villages in Uttar Pradesh, Assam, West Bengal, Tamil Nadu and Orissa through the business correspondent model.
Srei Sahaj e-Village Ltd, a wholly owned subsidiary of Srei Infrastructure Finance Ltd, will act as the business correspondent on behalf of the Central Bank of India.
A business correspondent is an intermediary between the customer and the bank whose services are restricted to selling products of mainstream banks that include opening saving accounts, deposits, loans and insurance products.
According to RBI guidelines, a business correspondent outlet needs to be set up in villages that do not have banking facilities but have a population of over 2,000 people.
Over 20,000 village level entrepreneurs, who will be carrying handheld devices called ‘Point of Transaction', will act as Customer Service Points thereby enabling basic banking services such as opening an account, balance enquiry, and deposit and withdrawal of cash in the initial stages.
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