Kiosk Banking

The Kiosk Banking facility is an initiative by the Reserve Bank of India (RBI) which has revolutionised the banking system in India. Aimed at ensuring greater financial inclusion and wider outreach of the banking sector, the facility gives people in remote locations access to basic banking services and undertaking different banking transactions without the need to visit a bank branch. Offered by various banks, the facility is made available with the help of intermediaries, also known as Business Correspondents (BCs) through kiosks or small booths serving as the customer service point (CSP).

A prominent leader in the Indian e-governance sector, Alankit Limited efficiently delivers mainstream financial services to people, especially those in villages and rural areas who do not have access to essential banking services. The company has partnered with leading public sector banks namely State Bank of India (SBI) and Bank of Baroda to provide services using remote-biometric enabled secure technology through the various Kiosk Banking outlets spanning across cities. By approaching the CSP, customers can open bank accounts and perform all kinds of bank related transactions with ease and convenience. Besides account opening, these internet-enabled kiosks make online banking activities possible including cash withdrawal, cash deposit and money transfer while ensuring safety and confidentiality of customers’ information. The outlets are bio-metrically secured and provide printed acknowledgement for every transaction to customers.

How Online Kiosk Banking works

By partnering with a bank, a retailer can open a no-frills account for its customers on the basis of the biometric data like fingerprint details and capturing the customer’s photograph. The details and essential documents are gathered by the representative and forwarded to the affiliated bank branch for the further know-your-customer process. Once the account is successfully opened, the customer is allowed to withdraw, deposit or remit an amount of maximum Rs. 10,000 each day via kiosks equipped with internet connectivity.

The online Kiosk Banking facility offers end-to-end functionalities and provides the perfect platform to customers for availing the crucial services which are otherwise available at bank branches. It not only helps banks by increasing their customer base and enhances customer experience but also assures reliability as well as timely and faster processing of customers’ requests and queries. The kiosks outlets save valuable time and efforts of customers by offering vital last mile banking services.

Benefits of Online SBI Kiosk

Kiosk Banking has emerged in a big way and brings a lot of opportunities for the retailers or Customer Service Points (CSPs). A retailer looking to augment its business can focus on expanding its Kiosk Banking outlets to provide support to rural areas deprived of basic banking services. While it is beneficial for banks that can plan to offer more services at affordable cost, Kiosk banking outlets attract a high number of walk-in customers, leading to increase in the customer base of banks. Moreover, it improves brand equity and increases it’s visibility overall. Retailers find a good opportunity for self-employment at ease at the doorstep itself as well as to boost their business and earn good incentives in accordance with the performance. By utilising the kiosks facility to expand their business, retailers can attract significant remuneration figures eventually resulting in financial freedom.

The ultimate beneficiaries of Kiosk Banking are the end users or customers, especially those located in rural areas and hinterlands which are practically cut off from the essential government services. Instead of visiting a far-off bank branch and standing in long queues, customers can make the best use of kiosk banks and avoid hassles. Moreover, the facility at a Customer Service Point (CSP) offers ample benefits for the customers. For instance, they can open a no-frills account with no minimum balance or charges levied.

Furthermore, customers have access to schemes like DBT/DBTL, Social Security Schemes and Mudra Loans. With Kiosk Banking, customers can avail term deposit, recurring deposit, General purpose Credit Card, Kisan Credit Card, etc. They can make deposits from anywhere and save time with simplified KYC process. Besides hassle-free deposits, withdrawals & cash remittances, the other benefits which customers can avail including transfer subsidies, scholarships.