Financial Inclusion is delivery of banking services at an affordable cost to the vast sections of disadvantaged and low income groups of our country. As banking services are in the nature of public good, it is essential that availability of banking and payment services to the entire population without discrimination is the prime objective for implementation of Financial Inclusion.

Business Correspondents (BCs) are retail agents who represent banks and are responsible for delivering banking services at locations other than a bank branch/ATM.

We, the Corporate Business Correspondent plays the vital role of selection BC from local people, guide them by providing proper infrastructure, adequate training for rendering the Banking services. We also maintain our effective support system to the BC in case of their needs.

Information and Communication Technology (ICT) is one of the Models used by Bank of Baroda for implementation of Financial Inclusion. ICT based models are (i) POS, (ii) Kiosk.

POS is based on Application Service Provider (ASP) model with smart cards based technology for financial inclusion under the model, BCs are appointed by banks and CBCs These BCs are provided with point-of-service(POS) devices, using which they carry out transaction for the smart card holders at their doorsteps. The customers can operate their account using their smart cards through biometric authentication. In this system all transactions processed by the BC are online real time basis in core banking of bank. PoS devices deployed in the field are capable to process the transaction on the basis of Smart Card, Account number (card less), Aadhar number (AEPS) transactions.

As a part of Jhan Dhan Yojana, Bank of Baroda has decided to open more number of BCs and some Next-Gen-BCs who will rendering some additional Banking services. We as CBC are taking active part in implementation of this initiative of Bank particularly in the states of West Bengal, UP,Rajasthan,Orissa etc.

We got our robust technical support team. Members of this team are well experienced and knowledgeable. In addition we conduct virtual meetings with our BCs to update the development in the banking and the new initiatives taken by Bank and convey desires and expectation of Banks from BCs. In these meetings Officials from the Regional Offices of Bank of Baroda also take part. These are very effective during recent lock down period due to COVID 19.