Be a Bank Correspondent and Earn Money (for Indians)

Pradhanmantri Jan Dhan Yojna (PJDY) is an ambitious scheme for public’s wealth introduced by Mr. Narendra Modi, Prime Minister of India on 28th August, 2014. The formal announcement of this scheme was made on his first Independence Day speech i.e. on 15 August 2014. Under this scheme, financial services are now delivered to those sections of society which are disadvantaged and low-income segments at very affordable costs. The availability of banking and payment services to the entire population without discrimination is the prime objective of such financial inclusion public policy.


On the inauguration day of “Pradhanmantri Jan Dhan Yojna”, 1.5 Crore (15 million) bank accounts were opened under this scheme which itself can be considered as a record as it was probably the first time anywhere in the world where such number of participation is seen with great zeal and enthusiasm.

The single motive behind introducing this scheme is to provide ‘universal access to banking facilities’ starting with Basic Banking Accounts with overdraft facility of Rs.5000 after six months and RuPay Debit card with inbuilt accident insurance cover of Rs. 1 lac and RuPay Kisan Card. In next phase, it has already been planned to add services like micro insurance & pension etc. to the current benefits.

According to Mr. G. S. Sandhu, The Financial Services Secretary of India this scheme is a crucial step towards converting Indian economy from cash based one into a cashless and digital economy.

What do we meant by Bank Correspondent/ Bank Mitra?

Bank Mitra can be anyone within the age 18-60 yrs. from amongst the community who is provided with the knowledge of doing subsidiary banking works like documents preparation of Self Help Group’s (SHG’s) for account opening, credit linkage, receipt filling in the bank when the members reach the bank premises either for withdrawing or depositing the amount and supporting the bank with such similar works as required by the branch.

Any adult like, retired bank employee, teacher, bank, army person as well as the chemist shop, grocery shop, petrol pumps, self-help groups, PCOS, common service centers etc could become the Bank Mitra. One thing is certain thatthis new scheme of government will provide a job to thousands of people indirectly.

Benefits of the PM Jan Dhan Yojna:

1. Account holders will be provided zero-balance bank account with RuPay debit card, in addition to accidental insurance cover of Rs 1 lac.

2. Those who open accounts by January 26, 2015 over and above the Rs. 1 lac, they will be given life insurance cover of Rs 30,000.

3. Six months of opening of the bank account, holders can avail Rs 5,000 loan from the bank.

4. With the introduction of new technology introduced by National Payments Corporation of India (NPCI), a person can transfer funds, check balance through a normal phone.

5. Mobile banking for the poor would be available through National Unified USSD Platform (NUUP) for which all banks and mobile companies have come together.


Main characteristics of the “BANK CORRESPONDENT/ BANK MITRA”

• BANK MITRA shall preferably be a woman from the same cluster villages/community or SHG member. However, in case of unavailability of such candidate, male candidate may be considered.

• She/he shall be very well skilled with writing ability and this aspect shall not be compromised.

• She/he shall be at least 10th/8th pass and possess good writing and reading skills.

• She/he should have patience by nature and s/he should have compassionate view and regard for poor women.

• She/he must be vocal and should not have any constraints regarding mobility.

• She/he shall have the willing to attend the bank premises during the office hours of the bank.

• S/he shall be confident to make interpersonal relations with the bank staffs and the community members of the respective cluster.

Required Educational Qualification:

• S/he should be minimum matriculate and must possess good knowledge of mathematics and Calculation.

• In case matriculate candidate is not available then eight pass with good knowledge of mathematics and calculation may be considered.

• Nonetheless, the candidate with good reading and writing skills shall be given preference.

Regarding Internship Model:

The considered candidate shall be provided with adequate training related to the work one is required to perform. After the training the candidate shall be placed at the designated bank premise to start the work in liaison with banks. S/he shall be put under the scanner for first 3 months and regular feedback shall be collected about her from the bank manager. Once her performance is found satisfactory, she shall be further asked to continue with the work. During the first 3 months period, periodic training shall be undertaken according to the need arising. The training cell at the district level shall be doing the training need assessment and preparing the modules to train them.

Job Responsibilities:

• Provide support in doing subsidiary banking works including visit to the locations of SHG’s and other federations and encouraging community institutions to understand the rules and requirements of savings account opening.

• Providing support in ensuring documentation of bank credit linkage.

• Provide support in the receipt filling related to the financial transactions in the bank when the members reach the bank premises either for withdrawing or depositing the amount and supporting the bank with such similar works as required by the branch.

• Become instrumental in facilitating the community members through SHG’s and their federations make access to financial services.

• Any similar other work as and when assigned by the project/ community institutions.

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