A Peek into The Concept of Kiosk Banking and the Benefit It Offers to The Rural Youth

 The banking sector has undergone a major reform and perhaps this was on expected lines. The RBI today intends to bring every Indian under the purview of formal banking and this is a noble intention. It is to fulfill this objective that they have introduced the concept of kiosk banking and this is unique. This is a form of banking, which is vastly different from the normal bank branch and it operates on significantly low manpower. There is just the bank Mitra present to operate this form of a bank and the intent is to lower the overhead costs associated with a normal bank branch.

This concept is also referred to as CSP Bank because it is centered on the customer service point. This is a space from where the bank Mitra operates and his job is to introduce rural folk to formal banking. This is a banking outreach on the part of RBI to the hinterland areas and this helps to channelize the rural savings into the formal economy. This concept is also about generating employment at the rural level.

The RBI guideline clearly states that only educated but unemployed youth can place an application to operate a CSP bank. The post of an applicant will be that of a bank Mitra and one must note that there is scope to earn lucrative cash. You will surely need real estate space to operate this form of banking and also alongside one must be ready to invest in the office set up. If you have a clean track record and can place a NOC from the local police, the application to operate this form of a bank should receive a quick sanction.

The Kiosk Banking concept offers plenty of earnings scope and one can offer a lot more than core banking. One can sell insurance plans for LIC and pension plans to the rural folk. There is even the scope to sell prepaid recharge coupons to the rural folk. Therefore, one can see that beyond core banking there is plenty more to do. It is a nice earnings opportunity present to the rural unemployed youth.

Blog Source: https://allbankcsp.wordpress.com/2020/11/09/a-peek-into-the-concept-of-kiosk-banking-and-the-benefit-it-offers-to-the-rural-youth/