Introduction - Branchless Banking
A branchless banking, virtual bank or a internet-only bank) is a bank with no branch arrange that offers its administrations remotely by means of web based managing an account and phone keeping money and may likewise give get to by means of ATMs (frequently through interbank organize organizations together), mail and portable. By disposing of the expenses related with bank offices, coordinate banks can make huge investment funds which they may pass on to customers through higher financing costs or lower benefit charges.
Branchless Banking (BLB) represents a significantly cheaper alternative to conventional branch-based banking that allows financial institutions and other commercial actors to offer financial services outside traditional bank premises by using delivery channels like retail agents, mobile phone etc. BLB can be used to increase the access of financial services to the un-banked communities.
Benefit of Branchless Banking
Branchless Banking (BLB) represents a significantly cheaper alternative to conventional branch-based banking that allows financial institutions and other commercial actors to offer financial services outside traditional bank premises by using delivery channels like retail agents, mobile phone etc. BLB can be used to increase the access of financial services to the un-banked communities.
Benefit of Branchless Banking
- Service provided at their doorstep/ village
- Availability of Basic Banking Services throughout the day
- Hassle free transaction for the villagers as there are no vouchers
- Familiarity in dealing with their own person
- Reduces the cost of transaction
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