Financial Inclusion aims to extend hassle free savings and loan facilities and other banking services at an affordable cost to the underprivileged and unbanked population of the country. Financial Inclusion is delivery of banking services at an affordable cost to a vast section of the disadvantage and low income groups. As the banking services are in nature of Public good, it is essential that availability of banking and payment services to the entire population without discrimination becomes one of the foremost developmental objectives of our country.
Keeping in mind the urgent need for Financial Inclusion in the country and the fact that AISECT works with a model providing more and more synergistic services through the AISECT Multi purpose ICT enable centers in rural areas , Financial Inclusion services were added to the bouquet of offerings provided by AISECT in the year 2009 in association with SBI, with the following objectives:
In the year 2009, AISECT Joined hands with State Bank of India(SBI) to provide banking services in the under banked and unbanked areas of Madhya Pradesh, Chhattisgarh, Punjab and other states. The performance of AISECT in the field of Financial Inclusion was widely acknowledged and appreciated and AISECT soon became National Business Correspondent of Madhyanchal Gramin Bank for the state of Madhya Pradesh & Punjab Gramin Bank for the state of Punjab. Recently, AISECT has been appointed National Business Correspondent for Bank of Baroda and has commenced its Financial Inclusion operations all over India.
Technology plays a critical role in enabling a business correspondent to perform its tasks efficiently. Some of the popular technology models being deployed for banking include:
Additional Commissions: Additional commissions are paid for business facilitator activities such as loan and kisan credit card processing
Monthly incentive: Monthly incentive of about Rs.2,000 per month for CSCs in Financial Inclusion Plan Villages. However, this is payable based on minimum targets of account opened during the month.
Technology plays a critical role in enabling a CSP to perform its tasks efficiently. Some of the popular technology models being deployed for banking include:
If the BCs follow the targets prescribed by AISECT and work diligently , an average monthly income of Rs 10,000-Rs 15,000 can be expected in the beginning. Entrepreneurs who perform well can even earn upto Rs 50,000-Rs 60,000 per month.
AISECT regularly monitors all of its kiosks and provides regular handholding to all the entrepreneurs . The focus of AISECT is always to make the kiosks more and more sustainable and resolve all the functional and operational queries as soon as possible. AISECT provides a lot of handholding support to its BC kiosks for smooth implementation of Financial Inclusion initiatives, as shown beside.