Banking and the other services associated with it have become an eminent part of one’s day-to-day life. In the era of Artificial Intelligence (AI), the tools of AI have made one’s life a little easier, as banking systems have adopted these tools such as ATMs which are not only used for withdrawals but also for cash deposits, passbook updates, and checking balance.

These facilities have been far out of reach of the bottom of the pyramid sections of the society. To bridge the gap and bring banking services under the reach of minority sections, the Reserve Bank of India introduced the system of Kiosk Banking.

Kiosk is the outlook of Kommunikasjon Integrert Offentlig Service Kontor, which denotes a small open-fronted hut or cubicle. According to the banking terms, a Kiosk is a service that is introduced to cater to the banking needs of the low-income sections of the society by bringing the common banking services near their locality.

Under Kiosk, an individual can access the banking facilities such as cheque transfer, transactions, balance inquiry, cash deposit or remittances, etc., and they can avail of all these facilities without having to go to a bank.

Components of Kiosk Banking

To ensure enhanced reach and greater accessibility to the customers, a Kiosk is set up in remote areas to provide banking services in these sections. There are two components of the Kiosk Banking system as discussed below:

Customer Service Point (CSP)

CSP is a counter created in a shop or commercial space in a remote area that enables efficient connectivity to a corresponding private or public bank.

Kiosk Machine

The Kiosk Machine allows the users to perform transactions and other banking services.

Eligibility to Register For Kiosk Banking

People who are eligible to register for setting up a Kiosk booth include retailers, shop owners, small business owners, and even individuals. They can become CSPs only if they are eligible according to the criteria listed below:

Benefits of Kiosk Banking

The major objective of starting the facility of Kiosk Banking was to support the low-income group and provide them with benefits like:

Documents Required from Kiosk Banking Operator

Alankit delivers mainstream financial services in collaboration with State Bank of India, Bank of Baroda, Punjab National Bank, IDBI, and Central Bank of India, to the mass bank-excluded Indian public using remote biometric-enabled secure technology i.e., Kiosk Banking. We make banking easy through several advantages with complete safety and reliability. In the bouquet of Kiosk Financial Services, one can avail varied banking activities including:

Come and become a SBI Kiosk Banking partner with us and let’s spread the ease of banking to every section of society.

Original Source: https://www.alankit.com/blog/what-is-kiosk-banking-what-is-the-purpose-of-kiosk-banking