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Business Corresponding Centres
Business Correspondent Centres (BCs) act as intermediaries on behalf of Kadamba Bank, providing basic financial services within the applicable legal jurisdiction. They enable the bank to extend its reach to underserved populations, supporting business expansion while promoting financial inclusion and the socio-economic development of the region.
BCs are engaged by Kadamba Bank to serve as a vital link between the bank and its customers within designated service areas. Their presence enhances banking penetration in remote locations, helping empower marginalized communities. Additionally, BCs contribute to economic development by facilitating access to formal financial services.
- BCs can be individuals, Non-Governmental Organizations (NGOs), self-help groups (SHGs), microfinance institutions (MFIs), or any other entities approved by the Kadamba Bank.
- Technology and Infrastructure: BCs typically leverage technology to offer banking services. They may use handheld devices, mobile phones.
- Services Offered: BCs provide basic service banking activities to the customers, such as introducing the bank and its activities to the new customers, assisting to account opening, digital fund transfers, balance inquiries, receiving loan applications through our digital gateways and collection of small-value loans and deposits.
- Training and Compliance: BCs undergo training provided by Kadamba Bank to ensure compliance with regulatory requirements and proper handling of business. They are responsible for maintaining confidentiality, integrity, and security of customer information.
- Financial Inclusion: BCs play a vital role in promoting financial inclusion by reaching out to unbanked or underbanked individuals and providing them access to formal financial services. This helps in reducing the dependence on informal and unregulated sources of credit.
