Business Correspondent for SBI and Bank of Baroda | Alankit.in
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Overview

Business Correspondents are retail agents who represent banks and are responsible for delivering banking services at locations other than a bank branch/ATM. BCs support banks in providing its limited range of banking services at affordable cost. Thus, they are pivotal in promoting financial inclusion. According to the RBI’s mandate, the products offered by BCs include Small Savings Accounts, Fixed Deposit and Recurring Deposit with low minimum deposits, Remittance to any BC customer, Micro Credit and General Insurance. The BC model helps banks in bringing door-step delivery of services especially ‘cash in - cash out’ transactions in areas which are to nearer to the rural population, thus resolving the issue of last-mile delivery.

Alankit as Business Correspondent

As a business correspondent for State Bank of India and Bank of Baroda, the company facilitates banking services to the citizens at any given location and time, as and when required by these banks. Being a service provider for both, Alankit essentially helps with enrolling the customers and enabling their transactions at the Customer Service Points (CSPs) aside from sourcing various deposit and loan products of the bank as a business facilitator. This way it reaches some of the remote areas as the bank’s official agent, thus, promoting not just the bank’s business growth but financial inclusion in the country as well.

Scope of Activities


Business Correspondent, who serves as a crucial link between end users of banking services and the banks which they represent, are responsible for undertaking a gamut of responsibilities. They are responsible for identification of potential customers and generating awareness about savings and other products offered by banks as well as offering debt counselling and advice on money management. One of the major tasks handled by Business Correspondents is the collection and preliminary processing of various forms for deposits including verification of primary information or data, filling of applications / account opening forms including nomination clause and submission to the bank.

Business Correspondents (BCs) also execute various tasks such as completing the KYC process for the customers, opening of no frill deposit accounts and other products offered by the bank, furnishing of account information like mini account statements as well as cross-selling of other financial products by the bank. They undertake activities that would be within the normal course of the banking business of the concerned bank, but organised through and by entities at places other than the bank's premises.

Moreover, BCs manage the collection and payment of small value deposits and withdrawals, that is, a maximum of Rs. 2,000 per transaction as well as receipt and delivery of small value remittances / other payment instruments. The representative, for all such transactions, is authorised by the concerned bank to accept or deliver cash either at a kiosk or his place of work or any suitable location, subject to the ceilings per day/ per customer which is Rs. 2000 in each case. Apart from these, BCs deliver any other service on behalf of the bank, duly authorised by the concerned authority. They are also entrusted to take care of reputational risks involved in cases of duly appointed sub-agents of the business correspondents.

Why Choose Alankit?

  • Current BC channel partner for State Bank of India and Bank of Baroda
  • 6120 Business Locations
  • 50 active branches
  • Customer selling points
  • 200 CSPs arrangement currently under activation process
  • Preferred BC of Private Sector Banks like Kotak & Yes Bank
  • Robust monitoring mechanism for BC business activities
  • Dedicated support in every key business region for CSPs

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Disclaimer !

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It has come to our notice that some other hoax Companies are engaged in making use of website similar to Alankit or Alankit.in and have created Websites like Alankit.in are being copied and being illegally and fraudulently used as BC /CSP Company and are also using images of our website / CSP Point of Alankit for illegal display on it. One such example is found in Case of Assam Gramin Bank, where we are not Corporate BC, still some miscreants have displayed banner of Alankit CSP reportedly working for Assam Gramin Bank and have, thus, criminally associated the CSP Point with Alankit. Alankit does not own any CSP Point at that publicised location.

These entities have done this illegal act for cheating and misleading people. While such fraudulent entities have been causing dent in reputation of both Alankit and Bank, they are playing foul with Customer’s confidence in Alankit and the Bank/s concerned. Common people are requested to please do not get into the trap of such fraudsters/illegal websites. Alankit will not be responsible for any claims that are arisen out of any act not related to the transaction/ activity done in association with Alankit.


हमे पता चला है कि फर्जी कम्पनिंया/ यूनिट हमारी वेबसाइट Alankit.in और इसके logo का दुरुपयोग कर ग्राहक सेवा केंद्र स्थापित करने जैसी जालसाजी का कार्य करके आम जनता को ठग रही है ! आम जनता को आगाह किया जाता है कि वे इनके झांसे में आने से बचें और उनकी ठगी का शिकार न बनें। अलंकित ऐसे किसी भी असामाजिक तत्व से किए गए किसी भी व्यवहार के लिए उत्तरदायी नहीं होगा।