- RBI has allowed banks to engage intermediaries, i.e. Business Correspondents (BC) to carry out specified financial transactions through public call office operators.
- The intermediaries would be provided mobile phone and fingerprint readers and would act as a Micro ATM to withdraw/deposit money across the country.
- Aadhar could emerge as a payment card linked to a savings account where government credits would be credited to the accounts directly.
- This enables banks to have immediate access to many more potential customers at the bottom of the pyramid through Branchless Banking.
But it requires substantial investment in technology.
- Cash Withdrawal.
- Cash Deposit.
- Balance Inquiry.
- Remittances.
- Brings down the cost of cash management for banks.
- Supports physical cash transactions at the local level.
- Substantially reduce the risk to the bank.
Suggested Column: http://www.thehindubusinessline.com/industry-and-economy/handouts/article4569777.ece
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