Branch Less Banking

In an endeavor to provide banking facilities to large and well spread out sections of the remote village, Everest Bank Limited (EBL) has introduced new product as Everest Bank Ghar- Dailo Banking Sewa, on 17th June 2009, this service is unique delivery channel in banking services to facilitate rural people in banking with the help of sophisticated technology. This service is branchless banking service through point of transaction (POT) machine by using smart cards.

This is a major leap forward towards inclusion through branchless banking. The customer can avail the facility of banking at his/her own convenient time. Besides that he/she will earn interest on the savings and this fund will remain secured.

 

 Modus Operandi of the System

1. Bank will identify and appoint its Business Correspondents (BC) at remote areas and associate them with the nearest branch of the Bank.
2. BCs will be provided one unit of Point of Transaction (POT) Machine  to carry out banking transactions like accepting deposit, allowing withdrawal.
3. Remittance from abroad can also be credited to these accounts and can be withdrawn through BCs Location.
4. BCs will be provided their Agent card to operate the machine. Agent card is only for the operation of POT machine.
5. BCs will source the Customer and collect the filled application form from the villagers along with the photograph and all the required documents and submit them to the designated branches.
6. After opening their account, a smart card bearing the photograph and the demographic details of the account holder will be given to the customer.
7. BC will obtain the card and to activate the card, the fingerprints of the customer is grabbed and the card is handed.
8. As the card is biometric, it can be operated only after recognition of the fingerprints.
9. After completion of each transaction, customer will be provided a signed receipt as a proof of the transaction. Besides , machine will also prompt various voice messages regarding the transaction and inform the current deposit or withdrawal.
10. BCs, on daily basis, transfers data to the Bank through various means like Telephone Line, GPRS or through Interntet and the transaction occurs in Banks Software.
    

Most important point for the customer is to obtain the signed receipt of each transaction and also to listen the voice prompts after the transactions.

This product is the most secure product; the concerned account holder himself has to be present along with Smart card at the Business Correspondent’s location for the withdrawal and deposit. Random selection of Fingerprint impression is made during the transaction.