30th June, 2019
A large portion of the total population of our country is still out of banking services. Agent banking has been introduces to bring them under banking service. It has facilitated customers by providing all banking services at their doorsteps in the remote area.
Agent banking is the form of banking that includes limited scale of banking and financial service through persons or agent under a valid agency agreement across the country, specially in remote areas. An agent is a third party owner of an outlet who conducts banking transactions such as cash deposit, cash withdrawls, account opening, account inquiries, small amount loan disbursement, loan recovery, fund transfer, and paying bills under the government safety net programs on behalf of a bank.