Union Bank of India Business Correspondent

Is United Bank of India offers Business Correspondent Services or not, please provide here details??? Tell me is there any online link from where I can get United Bank of India Business Correspondent Services detailed information???

Hello sir I want to know what functions are performed by Business Correspondent in Union Bank of India can you please here give me details ?

[sumit]

Hey as per my idea Business correspondents are bank representatives.

They help villagers to open bank accounts.

They help villagers in banking transactions. (deposit money, take money out of savings account, loans etc.)

The Business Correspondent carries a mobile device.

The villager gives his thumb impression or electronic signature, and get the money.

Business Correspondents get commission from bank for every new account opened, every transection made via them, every loan-application processed etc.



Functions of Banking Business Correspondents

Create awareness about savings.

Give advice to villagers, about how to save/invest money and how to arrange/manage loans.

Help the villagers to open bank accounts.

Collect loan applications, forward them to bank.

Preliminary processing of loan applications for example: verification of person’s identity, home-address etc.

Help the Self Help Groups (SHG), to get loans.

Help the bank to collect EMIs and recover loan money.