Ever dreamt to draw money from your bank account at your next-door grocery shop. Yes, you heard right, from the grocery shop. No, we are not talking about bank ATMs not even about borrowing money on behalf of your bank deposits. It’s SBI CSPs, which have revolutionized the customer service industry in addition to giving a fresh lease of breath to the banking sector. It has changed the way the bank operates and has added a new leaf in customer convenience by taking bank outlets to the consumer's doorstep.
What is SBI CSP?
SBI CSP is an abbreviation of State Bank of India Customer Service Point. SBI CSPs is internet enabled, extremely easy to use PC based technology which facilitates anyone to become Business correspondents (BC) who can open customer accounts and do bank transactions at their Customer Service Kiosk outlet in return of a fee/commission and boost-up his earnings.
These SBI Kiosks are banking outlets run by other agencies and carry out limited transactions along with sourcing new business. They can also withdraw and deposit money at CSPs besides f doing 30 different types of transactions to ease consumers life.
How to open SBI CSP?
Anyone can become SBI CSP (BC) Business Correspondent to SBI and can provide banking services at his place on behalf of SBI. Pay Point India is the national business correspondent for SBI and is authorized to create new SBI CSPs. They receive the application form and registration fees which they file to SBI local branch after due diligence by the compliance team. They are provided with SBI CSP code followed by business correspondent (BC) entry and terminal mapping by SBI official. They are further provided with a welcome kit, scanner, and training to work efficiently and provide banking services smoothly to all. So, you can visit Pay Point India after being through here and can discuss SBI CSP apply with them. You can also take up bank CSP with them.
Are CSP required in India?
During a recent survey, it got revealed that not even 20% of the Indian population is connected to banks. This was found to be the core reason for Government scheme benefits not reaching the masses they were intended for, such as the rural population or the geographically isolated one. To fill this gap it was decided to start SBI CSP point at nearby locations of rural and remote areas with a population of 2000 or more to bring them in mainstream and let them avail the benefits and user-friendly convenience of banking at their doorsteps in addition to getting connected digitally.
These SBI CSP points are not only a boon to the consumers but also provide earning opportunities to distributors, retailers, service providers or vendors. The consumer gets the service and the service provider earns a substantial income in the form of commission on the transactions they made. Therefore it’s the right time for SBI CSP apply.
The necessity of SBI CSP in India
SBI CSPs are vital for India’s growth for more than one reason, These bank CSPs has changed the way we used to think, live, transact and do banking. Let’s take them one by one –
1) SBI CSPs lead to the financial inclusion of rural/remote people and thus bring them in the social, financial and economic mainstream. The latest figures reveal 67% of the Indian population still lives in rural India.
2) It improves brand equity of the banks by increasing their visibility.
3) It widens the customer reach of the SBI while extending their services to remote and rural people at an affordable cost.
4) It generates job/business opportunities for rural retailers, distributors and CSP operators.
5) It provides rural/remote people with the convenience of availing Government scheme benefits as in absence of SBI CSPs the monetary benefits were not reaching the people it was intended for.
6) It encourages cottage and other small scale industries (which are vital for India’s economic growth) operating in remote areas to make quick and easy transactions and let them flourish their business.
7) It provides customers access to DBT/DBTL, Social Security Schemes, banks deposit schemes and other schemes made regularly.
8) It allows the rural people to avail hassle-free bank services as they are not accustomed to the intricacies of banking sectors and thus avoids going banks.
9) It makes it feasible for the needy and the poor people to avail loan facilities, deposits and remittance at the point of time they need it as earlier it was not possible for them to regularly visit banks. This has further saved them from being getting exploited by private companies and local people for seeking financial help.
10) SBI CSP Kiosks have provided necessary timely finance to poor students to complete their necessary education which they were earlier missing because of lack of funds to pay their timely fees and other dues. Now they can easily receive the subsidies, scholarships or other financial assistance.
This makes us conclude that SBI CSP point has taken convenience to consumers, besides, providing them with earning opportunities. It has brought millions of people in the mainstream to let them participate in nation growth while making India fully digital. Now all are connected, digitalized and can avail banking services at their user-friendly local SBI CSP point.
Kiosk Banking is RBI's initiative for those living in villages or other remote areas that are not receiving banking servi...Read More
The Common Servic...Read More