Eligibility for Bank Mitra (Business Correspondent)

Eligibility for Bank Mitra (Business Correspondent):

Individuals like unemployed youth & entities like retired bank employee, retired teachers, retired Government /Military personnel, etc. kirana shops, PDS, PCOs, CSCs, NGOs/MFIs and section 25 companies, Self Help Groups (SHG), Civil Society Organizations, agents of small saving schemes of GoI, individual petrol pump owner, authorized functionaries of SHG, non deposit taking NBFCs, Post Offices/Postman/Garmin Dak Sewak, cooperative societies or other eligible individuals/entities allowed by RBI  from time to time etc may be engaged as Bank Mitra (Business Correspondent ).

Unemployed youth in villages should be encouraged to work as Bank Mitra (Business Correspondent), subject to fulfilling other eligibility conditions. There would be a dress code with a specified colour for the Bank Mitra (Business Correspondent).The dress of Bank Mitra (Business Correspondent) will constitute Jacket, Cap & Bag. The dresses would carry the Mission logo as well as the logo of the bank. Regular and timely payment to the Bank Mitra (Business Correspondent) for the services rendered by them would be the key factor in ensuring their continuance at the village level.

All Banks to put in place scheme of finance to the Bank Mitra (Business Correspondent) with a minimum amount of 50,000/-for equipment, 25,000/- for working capital and 50,000/- for vehicle loan. A scheme is suggested in Annexure7.

Suggested variants of the Bank Mitra (Business Correspondent) structure could be:

1) Individual Bank Mitra (Business Correspondent) deployed directly by the Bank.

2) Utilizing the network of Common Service Centres(CSC).

3) Through Corporate BC Companies i.e., through private participation. While this system has advantages of administration and centralized control for the Banks and also insulates them against several threats, but many times these players turn up in exploitation of the last mile delivery agents (Bank Mitra).

4) While engaging the Corporate BC Companies the remuneration structure for the agents deployed by them and time line for their payment would be ensured by the respective banks.