Business Correspondents

Financial Inclusion implies access to a formal Bank Account that should pave the way for delivery of the entire gamut of financial services essential for economic welfare.  FI entails bringing new customers with no credit history into the field of main stream banking by making available banking services in their own village without having to go to a different place which involves cost as well as loss of daily wage.

Financial inclusion means connecting all individuals including those living in the remotest of rural areas to a well-functioning financial system and would include-

  • Easy access to bank accounts for safe parking of savings

  • Availability of cheap credit through appropriately designed loans for poor and low income households and small entrepreneurs

  • Availability of basic financial products like micro insurance covering not only life and death but also crops, assets and accidents

  • Provide safe money transfers

  • Provide financial counseling and advice

  • Provide add on services like agricultural portals.

  • Extensive usage of unique identifiers like Aadhaar to facilitate hassle free biometric identification of customers to facilitate banking transactions and their authentication.

Business Correspondents

Business Correspondents are financial intermediaries engaged by Banks for the purpose of providing financial and Banking services to the financially excluded persons.

Bank is having a network of 995 Business Correspondent’s and has implemented the following services at BC points for providing Banking facilities to customers at their doorsteps;          

  • e-KYC based online Savings Bank account opening from 28.05.2021.

  • Third Party Credit facility from 01.03.2019.

  • RD account opening facility from 23.01.2019.

  • SHG Dual Authentication from 15.10.2018.

  • RuPay Card Off-Us facility from 16.07.2017.

  • AePS Off-Us facility from 12.08.2016.

  • RuPay Card On-Us facility from 07.05.2016.

  • AePS On-Us facility from 24.07.2015

 Entities eligible for appointment as Business Correspondents (BC/TSP):

  • NGOs/MFIs set up under Societies/ Trust Acts

  • Cooperative Societies registered under Mutually Aided Cooperative Societies Acts or the Cooperative Acts of States/ Multi State Cooperative Societies Act.

  • Section 25 companies.

  • Post Offices.

  • Retired Bank employees

  • Ex-Service men.

  • Retired Govt. Employees.

  • Individual kirana/ medical/fair price shop owners.

  • Individual Public Call Office (PCO) operators.

  • Agents of small savings schemes of Government of India/ Insurance Companies

  • Individual who own petrol pumps.

  • Retired teachers.

  • Authorized functionaries of well-run Self Help Groups (SHGs) linked to banks.

  • Individual members of Farmer’s Clubs.

  • Individual members of Self Help Groups.

  • Individual operators of Rural Multipurpose kiosks/ Village Knowledge Centers

  • Individuals/ proprietors/ owners who manage Agri Clinics/ Agri Business Centers.

  • Retired Post Masters.

  • Individuals such as auto dealers, tractor dealers and FMCG stockiest.

  • Insurance agents including of private insurance companies (IRDA certified) and postal agents.

  • Individuals operating Common Services Centers (CSCs) established by Service Centre Agencies (SCAs) under the National e-Governance Plan (NeGP).

  • Companies registered under the Indian Companies Act 1956 with large and wide spread retail outlets, excluding Non-Banking Financial Companies (NBFCs).

  • Payment Banks as per RBI Guidelines/Approved by RBI.

  • Any other individual considered suitable by the bank.

Grievances Redressal Mechanism:

As part of consumer protection measures, Reserve Bank of India has advised Banks to constitute Grievance Redressal Mechanism within the Bank for Redressal of complaints about the services rendered by BCs. Beneficiaries of BC services are generally illiterates and are prone to misguidance. At times customers tend to perceive the BC as Bank staff and not as agents functioning on behalf of the Bank. At stake will be the reputation and standing of the Bank in the eyes of the public, if the BC is either not functioning as per the guidelines or has not been extending Banking services expected of him.

Keeping this in view, Bank has established a three-tier grievance Redressal mechanism as follows;

  • First Level of Customer Redressal Officer is the Base Branch Manager. The Bank shall ensure display of Name and address of the Branch Manager in BC premises and Branch Manager shall dispose of the complaints received within 15 days.
  • Second Level of Customer Redressal Executive is the Regional Manager of the Region under whose jurisdiction the village is situated. Name and address of Regional Manager shall be displayed on the notice board in Branch premises. Complaints received at RO shall be disposed of within 15 days.
  • Third Level of Customer Redressal Executive is the General Manager (Financial Inclusion) at Head Office, Kadapa, whose name and address are displayed on the Bank’s website.

If a complainant does not get satisfactory response from the Bank within 60 days from the date of lodging the complaint, he /she will have the option to approach the office of the Banking Ombudsman for Redressal of their grievance.  In view of this, Branch Managers to closely monitor the activities of the BC’s and promptly redress grievance of the customers, besides extending prompt and courteous service to avoid complaints.

District Wise Details of Bank Mithras (Business Correspondents):

Anantapur District

Annamayya District

Bapatla District

Kadapa District

Kurnool District

Nandyal District

Nellore District

Prakasam District

Sri Sathya Sai District

Tirupati District