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Kiosk Banking- An Introduction
The Reserve Bank of India (RBI) defines financial inclusion as the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost
In the essence of financial inclusion, KIOSK banking is an important concept and basically developed for rural areas of country where less number of banks are and people can't reach to the bank to use their services.
It is conceived that the kiosks will functions with the support of leading banks in the private, public and cooperative sectors and using the shops as a touch-point for basic banking services such as cash deposits, withdrawals and remittances apart from micro-credit and insurance. Like the ordinary bank branches, the kiosks will offer all the basic services of banking
How it Functions
A retailer can open a no-frills bank account for a customer by recording fingerprint details and taking a photograph of the customer. The details along with other documents are forwarded to the affiliated bank branch to carry out the know-your-customer process. Once the account is up, a customer can withdraw, deposit or remit a maximum of Rs 10,000 per day through the internet-enabled kiosk branch.
What are the benefits to your customers
A 'No Frill SB Accounts' through KIOSK Banking Model
Regular SB Saving Bank Account
Loans against Term Deposit Receipt (TDR) etc
Hassle free opening of savings account.
Less KYC documents.
No Queues.
No Travel expenses
Easy deposits, withdrawals & cash remittances.
Deposits can be made from anywhere..
What type of transactions the customer will carry on?
This is called a no-frills account where there is no minimum balance or charges levied.
Maximum balance can be Rs 200000. (Balances above this can be held, but then account is converted to a regular bank account and the terms of the bank and documentations will apply to these accounts).
Minimum Balance -Zero Balance.
Maximum limit of transactions is Rs10, 000/- per day. No Cheque book is issued.
Only Cash Transactions can be made & only in person by the account holder.
There is no signature required and only electronic thumb impression or OTP is used to access/use the account.
Customer also benefits from long banking hours : As long as the shop is open.
Q.5 Income generation from CSP Kiosk Banking?
Earn on opening New Account, every Cash Deposit/ Cash Withdrawal/ Loans and Money Transfer or any services of the bank.
For More information about kiosk banking please visit at nearest Bank or Contact Service Center Agency (SCA
Kiosk Banking BC Model Aims To Provide A Real Time, User Friendly Banking Services To The Consumer In Their Neighborhood. A Large Number Of People, Particularly The Migrant Laborers And Factory Workers Do Not Have A Saving Account And Even Not Able To Open An Account Due To Lack Of Valid Address And ID Proof. As A Result They Face Difficulties To Save Their Earnings In A Safe Place And Look Out For Solution To Send Money To Their Families..
Through our Kiosk banking solution the following services can be offered:
ICICI Zero Balance Digital Account Opening (I-Sure Pay) with MASTER Card
Balance check.
Inter Bank Money Transfer with an ease.
Cash Withdrawal
Cash Deposite
Mobile & Net Banking
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