Money & Banking

SBI plans to add 7,000 customer service points in FY22

Our Bureau. Mumbai | Updated on April 11, 2021

State Bank of India (SBI) plans to engage around 15 Corporate Business Correspondents (BCs) who will setup about 7,000 customer service point (CSP) outlets/ kiosks for extending banking services and remittance facilities across the country in FY22.

The BC model envisages the use of identified institutional agents and other entities for supporting the bank in extending financial services, operating from different locations away from the bank branches. The bank currently has around 72,000 CSP outlets spread across India.

India’s largest bank engages the services of Corporate BCs, who in turn engage Kiosk Operators for running CSPs.

SBI said it intends to set up Banking Service Kiosks (biometric-enabled) for extending banking services and remittances facilities in metro / urban / semi-urban / rural centers identified by the bank across India.

Location of kiosks

The kiosks would be located at a maximum feasible distance of 3-5 km from a base (link) branch, or as decided by the bank, in metro/urban/semi-urban/ rural areas. In rural areas, the distance can be more from the link branch.

Typically, kiosks have a laptop, biometric scanner, passbook printer, EMV card scanner, camera, printer, debit card reader with PIN/Aadhaar base. The kiosks will have connectivity with bank’s FI Gateway/Server

SBI’s CSPs open accounts (savings, Basic Savings Bank Deposit Accounts, recurring deposit accounts, fixed deposits) at the kiosks; undertake receipt and payment of small value deposits and withdrawals (not exceeding ₹20,000) using kiosk-based transactions, card-based Micro ATM/YONO transactions and AEPS transactions with customer’s consent; enable receipt and delivery of small-value remittances to the accounts of beneficiaries – inter-bank and intra-bank – among others.

SBI, in its request for proposal document, emphasised that its financial Inclusion (FI) programs have a larger objective of offering a variety of financial services ranging from deposits, remittances, micro pension, micro insurance, among others.

Published on April 11, 2021

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