What is are the facility facilities the beneficiaries can get from the services of Business Correspo...........

Economic Affairs Types of Banks and Banking

What is/are the facility/facilities the beneficiaries can get from the services of Business Correspondent (Bank Saathi) in branchless areas ?

1. It enables the beneficiaries to draw their subsidies and social security benefits in their villages.

2. It enables the beneficiaries in the rural areas to make deposits and withdrawals.

Select the correct answer using the code given below.

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UPSC CSP Previous Year Paper (2014)

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1 only

2 only

Both 1 and 2 only

Neither 1 nor 4

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Explanation:

Business Correspondents are retail agents engaged by banks for providing banking services at locations other than a bank branch/ATM. BCs enable a bank to provide its limited range of banking services at low cost. They hence are instrumental in promoting financial inclusion.