CSCs To Soon Offer Bank Services, Says Finance Minister Piyush Goyal

On Monday Finance Minister Piyush Goyal said that the government will work to enable all 2.9 lakh common service centres (CSCs) in the country to operate as business correspondents of banks.

Business correspondents are the retail agents who are engaged by banks for providing services at locations other than a bank branch or an ATM.

Permitted services include identification of borrowers, collection & preliminary processing of loan applications, a collection of small value credit, the sale of microinsurance, MF products & pension products. He added that the option to set up extended bank counters at CSCs to provide banking & financial services in rural areas will also be explored.

Electronics & IT Minister Ravi Shankar Prasad said,”Now, CSCs will be able to work as IRCTC agents & would also be able to book general tickets”.

He added that, on June 15, PM Modi will address 2.9 lakh CSCs, which employ about 10 lakh people.

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