Agent banking has been a key way of banking amongst village dwellers. Since 2018 there has been a big boom in agent banking in the country. It has opened up various pathways for the people living in both rural and urban areas. Because of the coronavirus pandemic and other similar factors, the number of people who have come under agent banking is quite astonishing.
Agent banking took a hit when the coronavirus outbreak happened, and people concerned were pondering on how to bring back agent banking once again to the people. And now, already numerous people have banked themselves with agent banking.
The latest form of agent banking offers
many services and can help rural people
with banking services accordingly
In this age of digitalisation, agent banking has reached almost all corners of the country and thus has established a sense of connectivity between the customers looking to avail the banking services and the banks.
As a result, people can now do banking transactions such as cash deposit, cash withdrawal, account opening, account inquiries, remittance disbursement, small-amount loan disbursement, loan recovery, fund transfer and bill payment with the help of agent banking, according to a report published in this daily. The latest form of agent banking offers many services and can help rural people with banking services accordingly.
Since, a huge amount of remittance comes into the market, we believe that agent banking will be a crucial aspect of banking which should be expanded for the benefit of the masses.
Not only that, these people will need banking services more to stand back on their feet. So, it would be prudent if better loan and deposit products and policy changes could be made by the banks for these people.