Role of Bank Mitra

Role Played by Bank Mitra

: Banking Mitra is a very important need of Pradhan Mantri Jan Dhan Yojana (प्रधानमंत्री जन धन योजना, PMJDY); actually it works like a pillar that holds the flyover weight, so that traffic passes successfully. The PMJDY is the Indian prime minister’s dream project, and the Indian govt. cannot accept any hole in the scheme, that can cause of failure. 9

Y Banking correspondence or Bank Mitra is the third person that works as mediator between bank and customer; they help with customer to open the bank account.

Y Creating awareness and knowledge about various products and providing these products at their doorstep would be the first step in capturing the accounts.

Y Creating Awareness about management of money, importance of savings, advantages of saving with banks, other facilities provided by banks.

Y  Identification of potential customers.

Y Collection and preliminary processing of various forms for deposits including verification of primary information /data.

Y  Filling of applications / account opening forms.

Y  Collection and payment of small value deposits and withdrawals.

Y  Receipt and delivery of small value remittances / other payment instructions.

Y  Furnishing of mini account statements and other account information.

The objective of conduct of financial literacy camps by Bank Mitra is to facilitate financial inclusion through provision of two essentials i.e. literacy and easy access. It should aim at imparting knowledge to enable financial planning, inculcate saving habits and improve the understanding of financial products leading to effective use of financial services by the common man. Financial literacy should help them plan ahead of time for their life cycle needs and deal with unexpected emergencies without resorting to debt. They should be able to proactively manage money and avoid debt traps.