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Biztech brings to you an ICICI Money Transfer , an exciting Money Transfer Service in partnership with ICICI Bank. Now you can enroll as an exclusive ICICI Business Correspondent Distributor / Agent and change the way you do business!
In all major cities and towns, there is a sizeable migrant population that would like to remit money to their family and friends, regularly; workers employed in large infrastructure & building sites, lorry drivers, workers in factories & mills, etc., form a major chunk of such migrant population. Further, with greater awareness about the importance of education, more and more people are sending their wards to distant boarding schools & colleges and these students too need to receive money regularly, for their sustenance.
Traditional modes, like, Money Order, Demand Draft, etc., do have certain limitations, like, higher service charge, larger turn-around-time, dependency on availability of beneficiary, risk of loss, etc.
In order to cater to the requirements of these people and to offer a solution that is devoid of the lacunae cited above, some banks have adopted Mobile-enabled Domestic Money Remittance Service that is simple, swift & secure. It has been so designed as to take advantage of the latest developments in the banking space, like, every village having over 2,000 population having been covered under Financial Inclusion (and, below 2,000 villages also are being covered during the current FI), high levels of Mobile Phone penetration, greater popularity of the NEFT System of RBI, positive regulatory environment, etc.
Under the Domestic Money Remittance Service, a Retail outlet or Agent (Called a Business Correspondent or BC Agent) would be able to facilitate remittance of money by a Depositor into the Beneficiary’s bank account, at any Bank Branch, across India; the money would get credited into the Beneficiary’s bank account through the IMPS System.
|Commonly used||Also means||What it means?|
|Business Correspondent Distributor (BCD)||Corporate BC Distributor||A Business Correspondent Distributor (BCD) are companies like us appointed by the Bank, to render last mile banking services to the customers. They are eligible entities to act as BCDs on the guidelines issued by Reserve Bank of India (RBI) and vetted by the Bank after proper due diligence.|
|Business Correspondent Agents (BCA)||Customer Service Points (CSP) Retail Outlets Shop BC Agents (BCA).||An individual or a retail outlet or some other approved entities could act as a BC Agent (BCA). They are identified by us and approved by the partner bank.|
|As the term BC is generally confused between Business Correspondent Distributor ( BCD ) and Business Correspondent Agent (BCA), we have not used that word ‘BC’ in our terminology|