Know the Working Mechanism of SBI Kiosk Banking

Kiosk Banking is also referred to as a BC or Banking Correspondent Model. SBI Kiosk Banking is a financial inclusion initiative instigated by the State Bank of India to outspread its banking services to distant and underserved areas of India. The major reason for introducing Kiosk Banking by SBI in these areas is to minimize the expenditure involved in setting up its branch office. Kiosk Banking of SBI leverages local entrepreneurs and technology to function as intermediaries, delivering basic banking as well as financial services to the public in these areas.

How does the SBI Kiosk Banking work?

Selection of Business Correspondent: The State Bank of India selects individuals, small businesses, or organizations in rustic or remote areas to work as its Banking Correspondents. These BCs are usually local entrepreneurs who have trustworthiness and are acquainted with the local community.

Training and Empowerment: The chosen Banking Correspondents will undergo training provided by the State Bank of India. The bank will train them in various banking services, operating the essential technology, such as mobile apps, handheld devices, etc., and maintaining records.

Setting Up Kiosks: BCs of SBI will set up kiosks, points of service, or small offices in their corresponding areas. These SBI Kiosk banks are armed with the technology and infrastructure required to enable banking transactions.

The Bank Mitra BC Apply process of candidates allows them to provide people with a range of basking banking as well as a range of Kiosk Banking services. These services will usually include essential banking services, utility bill payment services, as well as other financial inclusion services of the nationalized banks. Kiosk Banking plays a pivotal role in financial inclusion by offering services, such as microloans, pension payments, and insurance to people who are already underserved.

The Bank Mitra BC Apply procedure helps successful candidates perform the biometric authentication job, as well. Through the use of biometric authentication, BCs of kiosk outlets can offer their Kiosk Banking services with guaranteed security and avert fraud. These services will usually involve the use of consumers’ fingerprints or iris scanning to confirm their identity.

Above all, Kiosk Banking operations will stick to the rules and procedures set by the banking authorities and government agencies. They are bound by reviews and examinations to ensure compliance.

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