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- Universal access to Banking Facility
- Transactions through Bank Accounts
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- As per Banks Guidelines, it is mandatory for all BC Agents to map the Agent ID / KO id with AADHAR number by 15-09-2015. Failure to complete the activity will result in deactivation of Login ID of BC Agent after 15-09-2015.
- Deposit Mobilisation Campaign for CSPs
Period: 3 months 01st Sept 2015 to 30st Nov 2015
- VLEs can now register account holders of Punjab National Bank for Atal Pension Yojna through www.apna.csc.gov.in . In a key decision PNB has agreed to extend APY
- Financial Inclusion: "Lakshya 7000" Campaign Campaign for Deposits Mobilization through BC Channel
- Atal Pension Yoina(APY) � Login Week 14thDecember to 19thDecember 2015
- Q. What is saving?
Ans: When income is more than expenses, than we have surplus money known as saving.
- Q. Why should one save?
Ans: We should save regularly so that it can be used to meetexpenses/ exigencies for education, marriage, purchasing farm seeds, purchasing own house, birth, illness, accident, death, natural calamity, old age etc. During the emergency only saving could help.
- Q. Where to save?
Ans: The money is mainly kept at home in gullak. But we would always be worried about its safety. Sometime it may get stolen or we may be tempted to use the money. Also money saved at home does not increase. Thus the money could be saved in bank.
- Q. Why save in bank?
Ans: Money kept in bank is safe, secure and trusted upon.
- Q. What are the advantages of having bank account?
Ans: One can open saving, recurring/ fixed deposit accounts. Banks after loans and many other useful services. The wages / salary drawn can be directly credited to the account. All social benefit like MGNREGA Wages, pensions etc. can be directly credited to bank account through EBT. The money kept with the bank can be deposited or withdrawn at convenience. Banks do not charge any fee for depositing money but pays interest on the money deposited. Beside a bank account gives us an identity which is recognized by other government agencies.
- Q. What is interest?
Ans: Interest is tha amount earned on the deposit kept with the bank or it is the amount paid when the money is borrowed from the bank. The interest charged by the bank is much less than the interest charged by money lender (Sahukar).
- Q. What is BSBDA account?
Ans: A BSBDA account is Basic Saving Deposit Account which can be opened with simplified KYC document and also with nil balance.
- Q. What are the features of BSBDA?
Ans: Basic Saving Basic Deposit Account is opened on the simplified basic KYC norms. Banks would not charge fee for deposit of money any number of time. In addition, banks would not charge for 4 withdrawals during a month. The customer would be provided with a passbook and an ATM card without any fee. The account can be used for day to day needs like deposit, withdrawal, remittances, direct credit of social benefits etc.
- Q. What is overdraft, how is it different from other loans?
Ans: Small overdraft is inbuilt in the saving bank account to taken care of the emergent miscellaneous needs. One can withdraw the amount upto the limit of overdraft without going through seprate documentation for availing small amount. The customer is required to pay the interest on the amount of overdraft as it is a loan given by bank. Other loans like KCC and GCC are provided by banks specific purpose of income generating activities.
- Q. What is nomination?
Ans: Nomination is a facility that enables a deposit holder to designate an individual, who can claim the amount lying in the bank account in case of death of account holder. It is always advisable to make nomination in a bank account so that the nominated person can get the amount easily.
- Q. What is Know Your Customer (KYC)?
Ans: Banks are required to know particulars of the customer before opening of the Accounts as per KYC regulations. Hence we need to submit necessary KYC documents, i.e. photograph, proof of identity and proof of residence to the bank along with account opening form. The account can also be opened on the basis of Aadhar Card. Person not having above documents may open account under relaxed KYC procedure based on MGNREGA job card or self-certification. The accounts opened under relaxed procedure will be treated as small accounts and will be subject to certain limitations.
- Q. What is debt?
Ans: DEBT is basically borrowing raised to fill up gap between resources and uses. When expenses are more than income and we have no saving with us, then there is a storage of money which is covered through borrowing, creating debt.
- Q. What is Debt Management Plan?
Ans: It is a plan to assist those who are in financial distress by drawing a suitable re-payment plan. The counselor would assist the customer in understanding the financial budgeting and find a way out of reduce / lessen the burden of debt.
- Q. How to manage money?
Ans. Money can be efficiently managed by doing financial planning. As a first step of financial planning, one needs to maintain a Financial Diary to keep accounts the income and expenses for given period, say a week or a month.
- Q. What is Financial Planning?
Ans: Financial planning is to help individuals to use their resources against the needs efficiently in short term and achieve their long-term financial goals through investments, asset aloocation, risk management, retirement planning etc.
- Q. What does it help the customer?
Ans: It will help customer to manage his financial resources as well as to know the different avenues of investments, Liquidity preference, risk tolerance level vise-a-vis risk mitigation etc. to reach the financial goals.
- Q. What are the types of loans offered by banks?
Ans: Banks gives various types of loans such as short term loans, long term loans, overdrafts and working capital etc. for agriculture and allied activities, business, manufacturing units, personal loan, housing loan, education loans, business loans stc. To meet the requirements of the customers.
- Q. Why should we repay the loan?
Ans: The banks are depositor's money for lending. If the loan is not repaid, it would affect the bank capacity to repay the depositors money in time. This would also affect the bank capacity to lend borrowers. In case the loans are not repaid on time could take possession of the security offered as guarantee for the loan can initiate legal proceedings for recovering the loan amount long with interest.
- Q. What is SLBC?
Ans: SLBC means State Level Bankers Committee which is an inter-institutional forum at State level ensuring coordinating between Government and banks on the matters pertaining to banking development. A designated bank becomes the Convener Bank of Particular State Union Territory.
- Q. What is Lead bank?
Ans: Each district of country has been allocated to a specified Commercial Bank which is called as Lead Bank of the district.
- Q. What is the Grievance Redressal Mechanism of banks?
Ans: Banks are regulated entities. Every bank has a Grivance Redressal Officer, the details of which is published in all branches and also on their web site. In case of any dispute, one can file or complaint with the Grievance Redressal Officer of that bank. In case the customer is not satisfied with the resolution of dispute by them, the customer can file our complaint with the Banking Ombudsman of the Reserve Bank of India.
- Q. Why should we have Financial Inclusion?
Ans: Major section of the Indian Economy do not access to formal banking services. To bring them under the banking purview and provide them banking facilities. Financial inclusion initiatives were taken since 2005-06. Bring the excluded section of the society with in the bank purview would enable banks as financial intermediaries to contribute to economic growth through mobilization and allocation of credits towards various project financing, thereby providing households, businesses to attain their economic goal.
- Q. What is Financial Inclusion?
Ans: Financial Inclusion is the process of ensuring access to mainstream financial services and timely and adequate credit to all excluded people vulnerable groups such as weaker sections and low income groups at an affordable cost.
- Q. What are challenges of Financial Inclusion?
Ans: The challenges of Financial Inclusion:
?Poor infrastructure and telecom connectivity in rural area's
? Lack of financial literacy
? Availability of required documents for banking activities
? Limited technology adoption and know how among the eco system partners
? Lack of local support for scalability of banking services
- Q. What is SSA?
Ans: SSA is a Sub Service Area under lead bank scheme Service Area Approach under which villages are identified and assigned to bank branches based on their proximity and contiguity. Sub Service Area of cluster of more than wherein up to 1000 to 1500 households are brought under such cluster for providing banking services.
- Q. What would be the features of accounts opened?
Ans: Saving bank accounts with zero balance would be opened and AMT/Debit (RuPay) card would be issued to the account holder.
- Q. What are the requirements for providing Basic Banking Accounts at house hold level?
Ans: For every uncovered household, It is required to open one accounts in every household fulfilling the basic KYC requirements.
- Q. Is there any Overdraft facility on these accounts?
Ans: Yes, An overdraft facility of upto Rs. 5000.00/- would be provided gradually starting from 1000.00/- to the customers (preferably to lady member) after six months of satisfactory performance in the account.
- Q. Is there any guarantee provided against defaults in over drafts?
Ans: It is proposed to create a credit guarantee fund with a corpus of Rs. 1000 crores which would be housed in National Credit Guarantee Corporation (NCGC) to provide guarantee against defaults in over drafts.
- Q. How would the account opening activity be carried out?
Ans: Accounts would be opened for all eligible residents in camp mode. The camp would be organized in co-ordination with the Government and bank officials and the BC agents and Bank Officials would ensure opening of accounts.
- Q. Are there are other activities that to be carried out during these camps?
Ans: Basic financial literacy highlighting benefits of opening account, availability of available credit facility, operating of ATM card and benefits of repayment of over-draft on time may be provided during these camps.
- Q. What is micro insurance policy?
Ans: A micro insurance policy promotes insurance coverage among economically vulnerable sections of society. It can be general or a life insurance policy with a sum assured of Rs. 50,000 or less.
- Q. What is NPS- Swavalamban?
Ans: National Pension Scheme � Swavalamban is a co-contributory pension scheme launched on 26/09/2010 to encourage workers in the unorganized sector to save voluntarily for old age.
- Q. Who can subscribe to NPS- Swavalamban?
Ans: A citizen of India, who belongs to unorganized sector, can open NPS-Swavalamban account based on the following conditions:
-Should be between 18-60 years of age as on the date of submission of his/her application by Aggregator
-Should comply with the Know Your Customer (KYC) process carried out by an Aggregator
-Subscribe should not be covered any other social security schemes like Employees Provident
-Fund and miscellaneous provision act, The Coal Mines Provident Fund and miscellaneous Provision Act etc.
- Q. What are the benefits of Swavalamban Scheme?
Ans: Under the Swavalamban Scheme, the government would contribute a sum of 1000 per annum in each National Scheme account opened and having a saving of Rs. 1000 to Rs 12000 per annum for a period of 5 years.
- Q. What is Business Correspondents (BC)?
Ans: Business Correspondents are retail agents engaged by banks for providing banking services at locations other than a bank branch/ATM. Basically, BCs enables a bank to expand outreach and offer limited range of banking services at low cost. BCs, are an integral part of a business strategy for achieving greater financial inclusion.
- Q. What are functions of BC?
Ans: BCs are permitted to perform a variety of activities which include identification of borrowers, attend to collection of small value deposit, disbursal of small value credit, recovery of principal / collection of interest sale of micro insurance / mutual fund products/ pension products/ other third party products and receipt and delivery of small value remittances/ other payment instruments, creating awareness about savings and other products education ad advise on managing money and debt counselling etc.
- Q. What are the products offered through the BC channel?
-Small Savings Accounts
-Fixed Deposit and Recurring Deposit with low minimum deposits
-Remittance to any customer
- Q. What is the remuneration paid to BC?
Ans: The BC remuneration consist of fixed and variable component which is commission based.
- Q. Where can the customer access his account under the BC model?
Ans: Customer can access his account through BC agents or customer service points, USBs, Kiosks, etc. appointed by the BC for servicing the customers.
- Q. What does a BC function?
Ans: The BC used Information and Communication Technology (ICT) based devices such as handheld machines, smart card based devices, mobile phones etc. to carry out the banking transaction.
- Q. Whether our money is safe if we deposit with BC?
Ans: BC is a mode of providing banking service at doorstep as bank branch is at a distant area. Depositing money with BC is as good as depositing is at a bank branch. The transactions are done through the ICT base devices and accounted I the books of the banks through online mode o real time basis. The customers gets immediate verification of their transactions as cash deposited/ withdrawn by customers through the BC is acknowledged by issue of a receipt on behalf of the bank. Additionally, transactions through BCs are done on the basis of our biometrics or a pin number and thus no one else can do transactions in our account.
- Q. What is DBT?
Ans: DBT- Direct Benefit Transfer is a scheme under which subsidies are directly transferred to the beneficiary accounts. Aadhar enabled DBT is where subsidies are directly transferred to the Aadhar Linked accounts of the beneficiaries, through Aadhar reference.
- Q. What is the role of Banks in DBT rollout?
Ans: The banks are required to:
- Assist concerned Government Departments in ensuring every beneficiary has a bank account
- Issue of ATM debit cards to all beneficiaries
- Seed Bank accounts with Aadhar number
- Provide adequate banking infrastructure to enable withdrawal from accounts through various access points viz. Branch, ATM and Business Correspondent Agents
- Undertake Electronic Fund Transfer to beneficiary accounts based on payment advices received from the concerned Government Departments
- Coordinate with stakeholders for DBT-Government Department, UIDAI, NPCI
- Q. What is EBT?
Ans: EBT- Electronic Benefit Transfer is nothing but a Direct Benefit Transfer scheme of the Government under which accounts are opened for beneficiaries of government schemes like NREGS, SSP as per the data provided by the Government. These customers can receive their benefit payment form the Government in these accounts.
- Q. What is Aadhaar?
Ans: Aadhaar is a twelve unique identification number issued by the Unique Identification Authority of India (UIDAI) or National Population Registrar (NPR) to residents of India. (more details at www.uidai.gov.in
- Q. What is the Aadhaar enabled Bank Account?
Ans: A bank account is linked to Aadhaar number of the customer.
- Q. Can Aadhaar number to be linked to an existing bank account?
Ans: Yes, Aadhaar number can be linked to an existing bank account (SB/CA/BSBDA) of the account holder at the base branch after proper verification. For linking, the primary account holder will carry the original Aadhaar letter and submit the following documents at branch:
Copy of Aadhaar Letter, self-attested by customer
- Q. What is Aadhaar payment bridge system (APBS)?
Ans: It is a payment system offered by the National Payment Corporation of India (NPCI), through which interbank transaction can happen in Aadhaar linked accounts.
- Q. What is Aadhaar Enable Payment System (AEPS)?
Ans: It enables transaction in Aadhaar enables accounts by using biometric authentication system of UIDAI. However, transaction relation to customers having account with the bank ie.- 'on-us' transaction can be completed by using bank's own authenticating System.
- Q. How many accounts can be linked to a Single Aadhaar number?
Ans: One aadhaar number can be linked to only one Account.
- Q. Whether a customer can link his/her Aadhaar number to his/her accounts in more than one
Ans: Yes, but the Aadhaar number linked to the latest one account will be credited with benefits/subsidy from government. Therefore, it is advisable to link Aadhaar number to only one account in only one bank.
- Q. What are the benefits linking account with Aadhaar number?
Ans: Most of the government subsidies / benefits e.g. MGNREGS, LPG subsidy etc. are directly credited to the beneficiary's account based on his/her Aadhaar number. Though AAadhaar number he can do interoperability transaction that is transaction with other banks. He can also use E-KYC with Aadhaar number.
- Q. What is the role of Financial Literacy Centre (FLC)?
Ans. The main aim of Financial Literacy Centre (FLC) is to guide people in all aspects of money management and help them to improved financial literacy, have proper control on their finances and proper organize monthly financial commitment, to understand various fact of Finance, help in taking informed decision.
- Q. What are the credential of such center?
Ans: FLC center are established with a view of help all those who are in need to advise on financial management. The service offered at Centre are absolutely at no cost to the client. More importantly confidentiality is ensured. These centers are also managed by experience ex-bankers on behalf of banks/ Financial institutions.
- Q. How is counseling available?
Ans: The customer need to visit the FLC, fill-up the form data submit photocopy of required documents as suggested by the Counselor. The counselor will fix mutually convenient date and time for one counseling session. Mostly the advice given instantly.
- Q. What happen at counseling session?
Ans: The counselor will review your financial situation in a non-judgmental manner and provide possible suggestions/ solutions. He / She will guide you appropriately.
- Q. What are benefits of the program?
Ans: The counseling session will help the customer in understanding and drawing a most appropriate solution to manage finances. In case a debt, the counselor may provide further assistance by contracting the customer's banker to consider the plan and if fits into guidelines set out by the banker it will save you from further action, penal interest etc.
- Q. What is the cost of program?
Ans: It is absolutely FREE.
- Q. Is counseling confidential?
Ans: Absolutely. The counselor will not divulge a client's financial position to anybody.
- Q. Do FLC provide loans?
Ans: No, The center provides only guidance on financial freedom.
- Q. Do the call center collect repayment of debt and pass it on to my bankers?