Reported by: banking|Updated: August 27, 2019
It has been proposed by public sector banks to implement the Reserve Bank of India’s suggestion that they introduce door-step banking through universal touchpoint. And for this purpose, the banks have decided implement this under a single umbrella and UCO Bank has been identified as the anchor bank for the purpose. Door-step banking is a service by which customers can avail many of the banking transaction services through the agents engaged by the banks and the service offers convenience to customers to access to different accounts from their door-steps. It is to be implemented as a product mix of technology and agents offering different banking services. Agents (outsourced third-party) would basically render banking (non-financial in first phase and financial in the second phase after successful rollout of first phase or as decided by the banks) services within the norms stipulated by the RBI. UCO Bank, as the anchor bank, has now invited proposals from service providers for providing the service. Seventeen banks – Andhra Bank, Allahabad Bank, Corporation Bank, Bank of Baroda, Bank of Maharashtra, Bank of India, Indian Bank, Canara Bank, Indian Overseas Bank, Central Bank of India, Oriental Bank of Commerce, Punjab National Bank, Punjab & Sind Bank, State Bank of India, Syndicate Bank and UCO Bank – will be participating in the project. The selected service provider will be required to deploy an end to end solution including all requisites, including trained workforce, space, hardware, software, application etc. ensuring complete compliance of RBI and other statutory bodies; guidelines in this regard.