Showing posts with label Open. Show all posts
Showing posts with label Open. Show all posts

Monday, September 28, 2020

How to Open a Bank CSP (Customer Service Point)?

To Open a Bank CSP / Customer Service Point (Centre) or to become a CSP / Bank Mitra / BCA / VLE (Village Level Entrepreneur) is a sound career option for the youth. Many youths are aspiring for this work and hence many so called “agents” have set up their network to take undue advantage of these gullible youths. Not only that, even amongst the authorized CBC companies, there may be some companies whose dealing with the aspiring candidates may not be transparent and support may be poor once you have joined as a BCA. Hence, it is utmost important to select a reputed CBC Company with a strong track record. If any person representing him/her as an authorized agent or employee of the CBC, it is always advisable to cross-check with the Head Office of the company about the credentials of such person. You can also apply online on the website of the Company or submit the application by email/post. Most importantly, any payment to be made in this connection, must be made by A/c Payee cheque drawn in favour of the CBC Company.

Eligibility criterion to become a BCA/CSP/Bank Mitra/VLE:

·        Age: Applicant must be at least 18 years of age.

·      Minimum educational qualification - 10th level examination passed from a recognized board.

·        Should have a valid Aadhaar and PAN number.

·        Must know the local language

·        Preference will be given to a local person

·        Must be computer literate

 Documents required with application:

 .   Application form duly filled in and signed by the candidate

.   Two passport size photos

.   Cancelled Cheque without signature

Self-Attested True Copy of:

-         Education certificate (Highest Education Qualification)

-         Proof of residence (Aadhar Card)

-         Photo ID Proof (Aadhar Card)

-         PAN Card

(the original is also to be produced only for verification by CBC Company)

Following documents to be produced as and when advised by the CBC Company:

-       Clean Police Report

-    The photograph of the place where the kiosk is to be set up (one photo from outside and one from the inside of the place). This is not required under tablet model.

-     Ownership document / Rent Agreement of the place for the kiosk This is not required under tablet model.

 Other pre-conditions:

ü     The branch with which the applicant wants to be linked must be willing to engage a BCA in the locality from where the applicant wants to operate.

ü    Must have necessary resources for purchasing required computer peripherals / tablet / internet connection / suitable space for setting up the kiosk / furniture (as per the specification / configuration fixed by the bank. Space / furniture may not be insisted upon under tablet model).

ü   The candidate has to pass the IIBF (Indian Institute of Banking and Finance, Mumbai) online certificate exam within specified period after the engagement as a BCA.

ü    Must have a bank account with Cheque Book facility

ü    Must be able to obtain clean Police Report from the Police Station having jurisdiction over the residential area of the applicant

ü   Must not be working as a BCA of any other bank

ü    If worked as a BCA of any bank in the past, must give acceptable reason why he ceased to be a BCA. This fact must be mentioned in the Application Form.

ü    Must have clean CIBIL (Credit Rating Agency) Report.

 How the application moves further:

As stated above, the CBC Company plays a vital role in engaging the BCA. The CBC has information about the branches which want to engage new BCA. Some time, CBC is looking for new BCA to fill up these vacancies.

After receipt (online or physical) of the application, the CBC will verify the documents, visit the applicant and the proposed place. CBC will also make discreet inquiry about the reputation of the applicant. CBC will introduce the applicant to the Branch Manager, who will also interview the applicant. The CBC will submit the documents to the Branch. If the Branch Manager is satisfied about the eligibility criterion and capability of the candidate, he will submit the proposal to higher authority for generation of BCA Code. After receipt of the Code, the CBC company will issue Authority Letter and ID Card to the applicant to work as a BCA.  CBC Company will also give training, product knowledge, Welcome Kit, etc.

With the nationalization of India’s 14 major banks in 1969, the seed of Social Banking (the term Financial Inclusion was not coined by then) was sown. The nationalization of banks in India is a glorious example of adaptation by commercial business houses from profit to public service without losing the commercial viability of the business. As usual to public sector, various committees have been appointed from time to time to achieve the objectives of nationalization. Khan Committee (2004) recommended to implement Business Facilitator (BF) model (for delivering non-financial banking services) and Business Correspondent (BC) model (for delivering financial banking services). As a result, the concept of Financial Inclusion was first introduced in India in 2005 by the Reserve Bank of India. The objectives of Financial Inclusion are to provide basic no-frills banking account for making and receiving payments. Later, Dr Rangrajan Committee (2006) went further and recommended to exploit BC model not only for delivering banking services but entire gamut of financial services (insurance, pension plans, investment, Financial Literacy, etc)  to financially excluded, vulnerable section of the society under Financial Inclusion Project and bring them into mainstream economy.

What is Financial Inclusion:

Financial Inclusion is the process of delivering appropriate financial products and services needed by weaker sections of the society at an affordable cost in a fair and transparent manner.

The present status:

There are 10 lakh BCAs working under the project as on March 2019 and delivering following financial services to customers in their vicinity:

Though the features of the Project differ from bank to bank to some extent, they can be generally described as under:

Services offered through BC Model are:

a.   Opening of Saving Banks (PMJDY)/ Fixed Deposit /PPF/ Recurring account.
b.  Cash Deposit and Cash Withdrawal.
d.   Fund Transfer from one centre to another centre
e.   Balance Inquiry.
f.   Mini Statement.

g.   Linking of Aadhar Card and Mobile Number

h.   Payment of utility bills

i.   Opening Insurance Accounts (Atal Pension Yojana, PMJSY, PMJJY, etc)

j.  Payment of amount credited by Govt under PMGKY, PMKSNY, MGNREGA, Cooking Gas Subsidy, other DBT, Student Scholarship, etc)

k. Canvassing the loan a/cs (Agriculture - KCC, Term Loans, Gold Loans. Non Agriculture – Housing Loans, Car Loans, Gold Loans, etc)

l.  Recovery in overdue /NPA a/cs as advised by the branch

How the Project works:

The most important link in the project is the Corporate Business Correspondent (CBC) which is generally a reputed company. The CBC is selected after a strict due diligence process considering the technical and financial capabilities and reputation of the company. The bank also obtains Security Deposit and /or Bank Guarantee from the entity. The CBC is accountable for all the acts and omissions committed by the BC engaged under it as per the Agreement between the bank and the CBC. This provision is very important for instilling the confidence amongst the customers while transacting the banking transactions with the BCA and maintain the integrity of the transaction from end-to-end.  The CBC is getting commission on the work done by the BC, which is shared with the BC as fixed by the bank. The scope of dispute about the commission payable to BCA is rare as it is calculated as per the rate fixed by the bank. The bank will credit the shar of BCA commission first and then credit the Company’s share through special accounting process.

Gujarat Infotech Ltd is working as a CBC Company since 2012 of various banks and has good reputation amongst banks, BCAs and customers. At present hundreds of BCs are working under our Company. 

To become CSP Bank Mitra visit our website www.gujaratinfotech.com 

To apply online, contact us at 8448444245 for more information. A small step in right direction will change your future.

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Monday, September 7, 2020

How to Open NPS Account Online?

 

 

 

 

 

 

Follow below Steps for eNPS – National Pension Scheme Online Account Opening :

1.     Click on registration link www.gujaratinfotech.com/nps

2.     Click on New Subscriber Registration

3.     This redirects to mynps.nsdl.com website

4.    Click on Steps for Registration (Read the step for smooth process for Registration)

5.     Close the Pop up.

6.     Scroll down to the bottom of the page and click on Registration tab

7.     Now Click on New Registration

8.     Fill details and click Continue to complete the process.

In case of Aadhaar Paperless Offline e-KYC based registration, the basic details like Name, DOB, Address and Photo would be auto-populated from the UIDAI database. There will be no separate KYC verification process.

On successful registration PRAN will be generated. The PRAN Card will be couriered to you along with other product details.

After Permanent Retirement Account Number (PRAN) is allotted, subscriber can use the following option for signature verification:

Option A: eSign

1.   Selection eSign in eSign/Print & Courier Page

2.  OTP for the purpose of authentication will be sent to your mobile number registered with the Aadhaar.

3.  After Authentication of Aadhaar, Registration form will be successfully eSigned.

4.  Once a document is eSigned, you need not send the physical copy of the form to POP.

5.  eSign service charges plus taxes applicable is Rs. 5.90.


Option B - Print and Courier

1.  Select 'Print & Courier' option in the eSign / Print & Courier page.

2.  You need to take a printout of the form, paste your photograph (please do not sign across the photograph) & affix signature.

3.  You should sign on the block provided for signature.

4.  The photograph should not be stapled or clipped to the form.

5.  The form should be sent within 30 days from the date of allotment of PRAN to POP address or else the PRAN will be 'frozen' temporarily.

 

Opening of the NPS Account:

Earlier, the prospective applicant had to approach a POP with KYC documents of

Photo ID Proof and Address Proof Address Aadhar Card. Requirement of documents is given at the back of application form. The amt of initial contribution is to be tendered to the POP by an A/c Payee cheque drawn in favour of designated bank a/c from which POP cannot withdraw any amt but can only remit the fund to NPS Trust.

Now the facility of opening of NPS a/c online (eNPS) is also available. This functionality provides the facility of opening the NPS a/c without a need to visit a POP. This facility is easy, quick and reduces the POP charges. This is a very convenient mode of joining the NPS online if the prospective contributor has:

  • Aadhar Card
  • Mobile number linked with Aadhar Card
  • PAN Card
  • Bank Account with net banking facility providing Payment Gateway Service
  • Email ID

Gujarat Infotech Ltd, a PFRDA authorized POP since 2012, offers this facility under the name myNPS in collaboration of NSDL, a Central Recordkeeping Agency accredited by PFRDA.

The modality of this facility by using Aadhaar Paperless Offline eKYC is as under:

The applicant to keep ready the :

[a] Scanned copy of photograph (Option for Aadhaar based registration) and signature in *.jpeg/*.jpg/*.png format having file size between 4KB - 5MB each

[b] Scanned copy of PAN card and Cancelled Cheque in *.jpeg/*.jpg/*.png format having file size between 4KB - 2MB each

[c] Online payment of initial contribution (Minimum amount ₹ 500) through Internet Banking

[d] Subscriber can eSign the registration form. If it is not feasible, please print the form, paste your photograph (please do not sign across the photograph) & affix signature and send to NSDL.

[f] Government employees to approach their Nodal Office for opening NPS account

[g] Visit UIDAI website, generate and download the Aadhaar Paperless Offline e-KYC ZIP file. Remember the Share Code as the same is to be used while online registration.

 

Address for sending the authentication form: 

Central Recordkeeping Agency (eNPS)

NSDL e-Governance Infrastructure Limited,

1st Floor, Times Tower, Kamala Mills Compound, Senapati Bapat Marg,

Lower Parel, Mumbai – 400 013

 

The main features of All Citizen model can be summarized as under:

·   Inclusive eligibility for joining the system (Any citizen or NRI aged 18 to 60 years is eligible to join (up to 65 years with certain restrictions), irrespective of type of occupation or job/ sector of occupation or job.

·  Flexibility in amt of initial contribution to open the account, providing affordability to all category of income group of citizens (minimum amt to open Tier I a/c is Rs. 500/- and Tier II is Rs. 1000/-). No stipulation to maintain minimum balance in Tier II a/c.

·   Flexibility in minimum amt to be contributed every year (Mini Rs. 1000/- in Tier I account and Rs. 250/- in Tier II account)

·   Flexibility in numbers of contributions to be made in a year (Minimum 1, maximum – no limit)

· Exclusive Income Tax rebate under section 80CCD1(B) up to Rs.50000/- over and above Rs. 1,50,000/- available under section 80C.

· Employer co-contribution up to 10% of Basic and DA without any upper cap on amount is treated as tax free income of employees under Section 80CCD(2)

·  Low cost, No hidden charges.

· Balance between safety of fund, market based optimal return and risk mitigation

· Regulated by the Govt of India statutory body (PFRDA)

· Transparency in dealing with the contributors

·  Nomination facility

· Choice of Investment Mode based on the life cycle and risk appetite of the contributor with Auto Mode option.

·  Choice of Investment Mix

·  Choice of Pension Fund Manager, with an option, once in a year, to change

·  Professional Fund Managers

· Portability across geography, POPs (Point of Presence i.e. service Providers) and employers

· Online service portal for various services, including facility to view the status of the contribution made

·  Online payment of contribution

·   Partial withdrawal for permitted purposes

·   Premature closure with certain restrictions

·  Refund of the corpus to the nominee in case of death of the contributor

·  Add on facility of Tier II account to manage the surplus liquidity

·  Robust I T architecture to manage the fund from end to end with display of NAV on daily basis

·  Customer Centric Strict Service Level Agreement with POPs, providing for strict penalty in case of poor services to contributors of non-compliance of procedure.

·   Strong system for redressal of customer grievances at POP/PFRDA/NPS Trust level and if required, grievances could be escalated to NPS Ombudsman.

· Issuance of a card with 12-digit unique number (called Permanent Retirement Account Number or PRAN).

·    Issuance of Statement of Account, every year.

·   Contribution can be made if PRAN number is generated (in other words, no need to wait for receipt of the PRAN card).

The National Pension System, a voluntary defined contribution pension system, was launched in 2004 by Govt of India for providing a pension for Government employees for income security during old age. The system was extended to All Citizens in 2009 with a certain modification. Over the years, the All Citizens model has got momentum. The growth of the model is impressive as could be observed from the following table:

Year-on-Year (YOY) growth under NPS

(All Citizen Model)




 

As on

Nos of Subscribers

Corpus Amt (Rs in Crores)

 

31-Mar-19

929931

9686

 

31-Mar-20

1251574

15012

 

Growth

 

 

 

Absolute

321643

5326

 

In %

34.59

36.40

 

 

 eNPS - Online Account Opening for joining National Pension Scheme

A better way to become Income Secured in old age

 

For more information and help in online registration,  contact Gujarat Infotech Ltd by email at nps@gujaratinfotech.com or on Mobile No. 8448444245 or use online chat on www.gujaratinfotech.com.

(The reader’s comments are welcome at gnpatel@gujaratinfotech.com)

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