Who is a Bank Mitra

Universal access to banking facilities for all households through a bank branch or a fixed point Business Correspondent called "Bank Mitra"

— Government of India launched Third party banking in 2006 with the intent of achieving the milestone “Financial Inclusion”.

— The BC model was explained in 2008 report submitted by Dr. C. Rangarajan.

— Model was introduced to cater financial inclusion in a cost effective manner.

— RBI focused on ‘no frill account drive’ by regulating this model.

— It is based on branchless banking concept.

— The BCs are permitted to carry out transactions on behalf of the bank as agents.

 — Opening of no frill and other regular deposit accounts under smart card.

— Collection and payment of small value deposits and withdrawals.

— Payment of sanctioned /disbursed small value loans.

— Receipt and delivery of small value remittances /other payment instruments.

— The BC/his agent will be authorized to accept /deliver cash either at his place of work or at any convenient location.

— Furnishing of mini account statements and other account information.

— Recovery of principal /collection of interest in respect of borrower accounts.

— Apart from the above they may provide a range of services as decided by the bank from time to time. A Bank Mitra is an important individual in the bank and can help bridge the void, between the banked and the unbanked people in India.