State Bank of India has signed up Reliance Money Infrastructure (RMIL), an Anil Ambani Group company, in a business correspondent deal to source a range of banking services. The deal authorises RMIL to identify borrowers, collect, process, and submit loan applications, promote credit groups, take up post-sanction monitoring, follow-up and recovery. As the service provider, RMIL will also collect small-value deposits; sell micro-insurance, mutual fund and pension products; and receive and deliver small-value remittances. Among products RMIL will offer are: no-frill savings bank accounts through kiosk banking model, home loans/loans against property, auto loans, gold loans, SME loans, general purpose credit card, kisan credit card, current account, savings bank account (other than no-frill account), term deposit, recurring deposit, and mutual fund on a referral basis. Additional products may be added by mutual consent. Products may be also amended from time to time.
