National Business Correspondent
Through VEDAVAAG CSP Outlets, we wish to provide basic and retail banking services to India's unbanked and under-banked population.
Our CSP outlets shall offer all the basic banking services and products such as savings accounts, cash withdrawal, cash deposit, account balance enquiries and funds transfer, among others.
Our Banking Services include
- Enrolment of banking customers
- Verification of primary data
- Providing debit and credit cards and PIN
- Enabling general banking transactions
Objectives of Financial Inclusion
- Delivery of financial Services at an affordable cost to vast sections of disadvantaged and low income groups.
- Shall be to support "DEVELOPMENT AND PROMOTIONAL ACTIVITIES" with a view to securing greater FI, particular among weakest sections, low income groups and backward regions/ hitherto unbanked areas.
- Shall be to enhance investment in Information Communication Technology (ICT) aimed at promoting FI, Stimulate the transfer of research and technology in FI, increase the technology absorption capacity of Financial Service providers / users and encourage an environment of innovation and cooperation among stake holders.
- To enable convenient and smooth disbursal of Government benefits to rural citizens by making banking facility available at their doorstep.
- At least 21 Years of Age
- 10+2 Pass
- Computer Literate
- Willing to invest some money for establishment
- Must be SBI Account holder
- Application form Duly signed
- Passport Size Photographs -10 No.s
- Educational Certificates (10+2 or Intermediate onwards)
- PAN Card (Mandatory)
- AADHAAR Card (Mandatory)
- Premises Agreement
- Character / Police Verification Certificate
- References - 2 No.s
- Driving License/Voter ID Card
- SBI Account documents
- Application Form, related documents and Registration fees received by VEDAVAAG team
- Due Diligence Report (DDR) by the VEDAVAAG team
- DDR to be filed to Bank’s local branch (Link / Base Branch)
- Recommendation of Branch Manager to Regional / Circle Office.
- Recommendation of Regional Office to LHO only in case of SBI
- Generation / creation of KO Code by the Bank
- Configuration of CSP Code by the Vedavaag office
- Capturing of fingers of CSP Operator through Finger Print Scanner by the BC
- Terminal mapping & Activation of KO Code by the Bank
- Technical & theoretical Training of CSP by the VEDAVAAG team
- Link Branch / Base Branch of the Bank is informed by the VEDAVAAG team about activation of CSP
- CSP starts functioning
- Entire process usually takes 25-30 days
As per company Norms
VEDAVAAG Systems Limited is authorised by the IRDAI to act as a corporate agent to solicit and procure insurance business through its network in India.
We have partnered with the top Life Insurance, General Insurance and Health Insurance companies (SBI Life, SBI General and HDFC Ergo General) in an endeavour to meet the ever-changing insurance needs of our customers living in the urban as well as rural areas through our large network.
A full-line of quality insurance products provided by our insurance partners is consistent with our enduring mission and clearly-defined principles of providing specific need based products to our customers and their families.
Our Life Insurance partners have a strong product portfolio with adequate flexible products that offer a range of individual and group insurance solutions such as
- Savings & Investments
We offer an extensive range of General Insurance products like
- Motor Insurance
- Home Insurance
- Travel Insurance
- Fire Insurance
Health insurance protects individuals from the prohibitively high costs of medical expenses thereby giving financial security.
We offer both Indemnity and Fixed benefit type of plans to meet the individual and the family’s health care requirements.