In order to leverage banking infrastructure in unbanked areas of India, under the Financial Inclusion Plan, the government of India has implemented the idea of Bank of Baroda Kiosk Banking through their business correspondents.
Bank of Baroda CSP or Bank of Baroda Kiosk banking is a concept that has been designed under Public-Private Partnership. Here the BOB Kiosk is a private entity that represents the Bank of Baroda in a local area where banks are not present in brick and mortar due to scarcity of resources. Such BOB Kiosks offer banking facilities like Cash withdrawal, cash deposit, account opening, money transfer, etc. Apart from basic banking facilities, BOB CSP offers financial plans like Pradhan Mantri Jan Dhan Yojana to implement the government schemes.
The concept of Bank of Baroda CSP is designed not only to bring banking services to unbanked areas but also to bring new employment opportunities among young and educated youth to empower them to find good employment opportunities in their own rural area. Any rural youth who are educated and meet the bank requirements can start with this business of BOB CSP in low investment and earn huge profits.
Benefits of starting a BOB Kiosk
After successfully completing BOB CSP registration, if the candidate meets the requirements and availability in that region, a BOB Kiosk earns a heavy commission for providing banking services entitled to them. There are various commission structure for various services.
In a lifetime – every person needs a bank account, in absence of bank the person is going to visit nearest BOB Kiosk Banking for account opening, the same person will later deposit cash in his/her account, withdraw money every now and then, Transfer money to relatives or business entities, make a fixed deposit for himself etc. For all these services BOB CSP earns a handsome commission.
Here is how you can become a Bank of Baroda CSP
To become a Bank of Baroda CSP, you need to apply online or offline. Before making a BOB CSP application, you should meet following criterion.
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Should be more than 18 years of age.
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Must have completed 10 + 2 education.
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Should have a computer and have knowledge for same.
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Minimum office space to function
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Minimum investment as guided by Bank of Baroda BC
Once the BOB CSP applicant completes registration & meets all the criteria, he can apply online on the Bank of Baroda business correspondent’s website.
Bank of Baroda BC Point examines the application and the identity documents and reviews if the applicant meets all their requirements, is capable enough to be handed over with this responsibility or not, and then may approve or disapprove the BOB CSP registration. In the case of approval, the file is forwarded to the required area bank. The applicant then receives formal training for starting full-fledged Bank of Baroda Kiosk banking.
