Category Archives: Business Correspondent

To register for PNB (Punjab National Bank) BC (Business Correspondent) services, you typically need to follow these steps:

1. Visit the nearest PNB branch: Locate the nearest Punjab National Bank branch in your area.
2. Contact the branch manager: Reach out to the branch manager or the designated official responsible for BC registrations. You can inquire about the specific requirements and documentation needed for registration.
3. Fulfill the eligibility criteria: Ensure that you meet the eligibility criteria set by PNB for becoming a BC. These criteria may include factors such as educational qualifications, experience in the banking sector, and other relevant requirements.
4. Gather necessary documents: Collect the required documents, which may vary depending on the location and specific guidelines of PNB. Typically, the documents needed for BC registration include:
   • Application form: Fill out the application form provided by PNB, providing accurate information.
   • Identity proof: Submit documents such as Aadhaar card, PAN card, voter ID, or passport as proof of identity.
   • Address proof: Provide documents like utility bills, rent agreement, or bank statements as proof of address.
   • Educational qualifications: Submit certificates or documents that verify your educational qualifications, such as degrees or diplomas.
   • Experience certificates: If applicable, provide experience certificates or letters from previous employers to showcase your experience in the banking or financial sector.
   • Other documents: PNB may request additional documents as per their requirements, so it’s advisable to check with the branch for a comprehensive list.
5. Submit the application: After completing the necessary documents, submit your application form along with all the supporting documents to the branch manager or the designated official.
6. Await verification and approval: The bank will review your application and conduct the necessary verification checks. This process may take some time, and the bank will notify you of the status of your application.
7. Complete training: If your application is approved, PNB will provide training regarding the BC services, operations, and guidelines. Attend the training sessions and familiarize yourself with the necessary procedures.
8. Setup infrastructure: Once you have completed the training, you will be required to set up the necessary infrastructure to deliver the BC services, such as a computer system, internet connectivity, and other required equipment.
9. Commence BC operations: After the completion of training and infrastructure setup, you can start offering PNB BC services to the customers as per the guidelines provided by the bank.

Remember that the specific process may vary slightly based on the policies and requirements of Punjab National Bank. It is recommended to directly contact the bank or visit the nearest branch for detailed information on the registration process.

• BC Services:

Bank BC (Business Correspondent) services refer to the provision of banking services by individuals or entities, who are not direct employees of a bank but act as intermediaries on behalf of the bank. BC services are aimed at extending banking facilities to remote and unbanked areas where it may not be feasible or cost-effective for the bank to establish a physical branch.

Bank BCs play a crucial role in promoting financial inclusion by bringing basic banking services to underserved areas. These services typically include:

1. Account Opening: BCs assist individuals in opening bank accounts, including savings accounts, current accounts, and other types of accounts offered by the bank.
2. Deposits and Withdrawals: BCs facilitate cash deposits and withdrawals for customers. This allows individuals to securely deposit money into their accounts and withdraw funds as needed.
3. Money Transfer: BCs enable customers to transfer money within the country or even internationally, depending on the services provided by the bank. They may facilitate transfers through various channels such as NEFT, RTGS, IMPS, or UPI.
4. Balance Inquiries: BCs provide customers with the ability to check their account balances and obtain mini-statements or account statements. This allows individuals to stay updated on their financial transactions.
5. Payment Services: BCs often offer bill payment services, allowing customers to pay utility bills, insurance premiums, loan installments, and other recurring payments through their bank accounts.
6. Government Schemes: BCs assist in facilitating government subsidy payments, pension disbursements, and other financial benefits provided by the government. They ensure that eligible individuals receive their entitled benefits efficiently.
7. Financial Products: Some BCs may also offer basic financial products such as fixed deposits, recurring deposits, and insurance policies on behalf of the bank.
8. Financial Literacy and Education: BCs play a crucial role in promoting financial literacy and education among customers. They provide guidance on financial planning, savings, and other banking-related topics.

Bank BCs act as representatives of the bank, extending its reach and services to areas where physical branches are not feasible. They are authorized by the bank and undergo training and certification to ensure compliance with banking regulations and customer service standards.

It’s important to note that the specific services offered by BCs may vary based on the bank and the regulations of the country in which they operate. The scope of BC services can expand or evolve over time, depending on the needs of the target population and the advancements in technology.

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• What is PMJDY?

PMJDY stands for Pradhan Mantri Jan Dhan Yojana, which is a financial inclusion program launched by the Government of India in 2014. The primary objective of PMJDY is to ensure access to financial services, such as banking facilities, savings accounts, remittance services, insurance, and pension, to the unbanked and underbanked sections of society.

Here are the key features and components of PMJDY:

1. Opening of Bank Accounts: PMJDY aims to provide every household in India with access to a bank account. The program facilitates the opening of zero-balance savings accounts, making it easier for individuals to access basic banking services.
2. RuPay Debit Card: Every PMJDY account holder receives a RuPay debit card, which can be used for cash withdrawals, purchases, and online transactions.
3. Financial Literacy: PMJDY includes a financial literacy component to educate account holders about various banking products, services, and benefits. This aims to empower individuals with knowledge about savings, insurance, and other financial matters.
4. Direct Benefit Transfer (DBT): PMJDY promotes the use of bank accounts for direct benefit transfers, ensuring that government subsidies, pensions, and other financial benefits reach the intended beneficiaries directly.
5. Overdraft Facility: After satisfactory operation of the account for a certain period, account holders can avail of the overdraft facility, which provides them with a small credit limit for emergency expenses.
6. Insurance Coverage: PMJDY offers life insurance coverage to account holders, providing them with financial security in case of the account holder’s unfortunate demise.
7. Pension Schemes: PMJDY facilitates the enrollment of account holders in various pension schemes offered by the government.
8. Mobile Banking: PMJDY encourages the use of mobile banking services, enabling account holders to access their accounts, transfer funds, and make payments using mobile devices.

The PMJDY program has made significant progress in expanding financial inclusion in India. It has helped millions of people open bank accounts, access banking services, and become a part of the formal financial system. PMJDY has also played a crucial role in facilitating the government’s efforts in implementing direct benefit transfer programs, reducing leakages, and ensuring efficient delivery of subsidies and benefits to the intended beneficiaries.

CHECK LIST FOR BUSINESS CORRESPONDENTS

DO’S

1. The BC should identify customers with strict adherence to KYC norms.
2. BC should encompass clients irrespective of class, creed and religion and its
   activities should be available to all eligible citizens of India.
3. Should maintain customer confidentiality.
4. Should posses knowledge of local area & language.
5. The BC should enter into an MOU/ Agreement with the bank and all the terms and
   conditions of – the Agreement should be strictly complied with.
6. BC should be able to isolate and clearly identify the Bank’s customer information,
   documents, records and assets to protect the confidentiality of the information.
7. System generated on-line receipt shall be issued to the customer invariably for
   all transactions carried out by him/ her on behalf of the Bank.

DON’Ts

1. The BC should not collect any service charges directly or indirectly from the
   customers.
2. The BC is not vested with any powers for sanction of any loan.
3. There should not be any exploitation of ill informed poor people.
4. Should not give any scope for customer complaints and grievances affecting the
   image of the bank.
5. Should not be affiliated to any political/ religious organizations.
6. There should not be any criminal record/adverse reports.
7. Should not use any sub contracts unless and otherwise stipulated in the agreement.
8. Should not resort to intimidation or harassment of any kind either physical or verbal
   against any person in their debt collection efforts.

INTER-OPERABILITY AT BANK MITR

Inter-operable transaction (Customer of a particular bank can transact from outlet of
other Bank) across the Banks is already being taking place for some time through
Branches & ATMs.

2. Pradhan Mantri Jan-Dhan Yojana (PMJDY) was launched in August, 2014,
   which stipulated for providing banking services, fixed Business Correspondents
   (Bank Mitr)should be set up in those SSAs where opening of branch is not viable.
3. Further, Bank Mitr would inter-alia ensure Interoperability which is one of
   the critical component for success of Pradhan Mantri Jan-Dhan Yojana. Presently
   inter-operable transaction from Bank Mitr location can be carried out through two
   products namely:-
   (i) Aadhaar Enabled Payment System ( AEPS) &
   (ii) RuPay / Debit Cards.

INFRASTRUCTURE AT BC LOCATIONS

(1) DISPLAYING OF SIGN BOARDS
The SSAs must have the following signage to depict the working on behalf of Punjab
National Bank.
(i). Sign Board as per standard specification
(ii). List of products and services
(iii). DO’s and DON’Ts at SSAs
(iv). Service charges

(2) HARDWARE:
(i) BCA /VLE will be required to own a PC / laptop at the BC/CSC location.
(ii) Finger Print Scanner: The Finger Print scanner must be STQC certified.
(iii) Web Cam: – Minimum resolution of the webcam must be 640 X 480 pixels and
the recommended resolution be 1.3 Megapixels.
(iv) Printer: – As per the availability (any).
(v) All hardware to be used by the BCA / VLE must conform to the hardware
specifications prescribed by the Bank.
(3) SOFTWARE
(i) The software to be deployed at the BC location shall be Bank’s software.
(ii) The device to be used by the BCA would be configured to work as per the Bank’s
on-line system to ensure uniformity of application throughout the Bank.
(4) All BC Agents should be in proper uniform and wear Photo Identity Card.
(5) MICRO ATM
Every Bank Mitr to have a Micro ATM standard 1.5.1 for undertaking both inter
and intra-operable transactions.