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In this world of technology and innovation, gadgets are now made for the convenience of the public’s life on a daily basis. Kiosk banking is also a result of this process. The Reserve Bank of India (RBI) has explained financial inclusions as the process of ensuring access to financial services and in time adequate credit according to the need of the weaker section of the society. In this essence, KIOSK banking has developed in rural areas and has become an important concept in the life of rural people. Kiosk Banking in India has been started by the Reserve Bank of India with the supporting of leading banks in the public, private and cooperative sectors and using many shops as touch points for cash deposits and cash withdrawals. Like any other banking branch, a bank Kiosk will operate in the same manner.

A kiosk bank is very easy to operate and is very much user-friendly. A retailer who is under the banking kiosk service can open the account for a customer by just taking the fingerprint scan of that person and his photograph. These details along with other important documents can be forwarded to the affiliated bank branch to carry out the KYC (Know-your-customer) process. Once the account is open, the maximum remit limit for that person is Rs.10, 000 per day.

SBI kiosk Banking is recorded with the highest number of customers around it as compared to other banks. It is very well known that State Bank of India has the largest number of branches in the country and is inviting individuals, NGOs and other entities to move hand in hand and make banking possible for all. The Kiosk transactions of SBI are bio-metrically secured, printed acknowledgement receipts of every transaction is provided to every customer for the end to end process of the transactions.

Some of the Frequently Asked Questions (FAQs) on SBI kiosk banking are:

Q1. How to become a partner for SBI Kiosk banking?

A     CSC SPC will enroll SCA as Sub BC and VLE shall be Customer Service Point (CSP) as per agreement with the SBI for this facility. This facility and partnership is available for all CSC retail offices with Web connectivity. VLE can enroll for this facility through SCA.

In other states of India, other agencies also play crucial role in setting up this kiosk banking in authorized areas.

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Q2) What are the services that SBI kiosk banking will provide?

An Initially, SBI banking Kiosk provides the following services;

  1. Withdrawal of cash

  2. Deposit of Cash

  3. SBI can enhance the product list of BC. However, BF work shall start after stabilization of BC work.

  4. Money transfer to another SBI account holder in any other locations.

Q3) What are the benefits to the customers?

The benefits to the customers are:

  1. A ‘No Frill SBI Accounts’ through Kiosk Banking Models

  2. Term Deposit/ Recurring Deposits

  3. General purpose Credit Card/ Kisan Credit Card

  4. Loans against term deposit receipts

  5. Regular SBI Saving Bank Account

  6. Less KYC Documents

  7. No Queues

  8. Hassle free opening of savings account

  9. Easy deposits, withdrawals and cash remittances

  10. No Travel Expenses

  11. Easy opening of R.D and F.D

  12. Deposits can be made from anywhere

  13. Transfer subsidies and scholarships directly credited to the account.

Q4)  Income generation from CSP Kiosk Banking?

In this new kiosk banking system, money can be earned when a new account is opened, cash is deposited or withdrawn, loans and money transfers and any services provided by a bank is rendered out of the kiosk banking service. More information can be achieved from the nearest SBI bank Centers or service center agencies (SCA) of the area one wants to know for.

Summary-Kiosk Banking is a new method of banking which has been devised for the common day situation. It has been designed; keeping in mind that banking is for all and should be able to reach the farthest corners of this country. Many banks have established their banking kiosks in authorized areas which are affiliated to the branches of that area and are allowed to deposit cash, withdraw cash, transfer cash and open new accounts as well.

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