In a bid to reach out to the last man of society, Maharashtra State Cooperative Bank is in talks with the senior officers of India Post Payments Bank (IPPB) and the draft to enter into a strategic alliance with the IPPB is being prepared.
Talking to the Indian Cooperative correspondent, Vidyadhar Anaskar, Chairman of MSCB’s administrative board said, “We are in communication with the senior officers of the IPPB and two meetings have already been held. The IPPB is authorized to accept deposits up to a maximum of Rs 2.00 lakh per customer but is not entitled to sanction loans to customers”.
“The representatives of IPPB proposed that the MSC Bank can act as a lender for its retail customers plus it will generate loan leads for the MSC Bank from rural & urban areas. The IPPB will act as a collection agent of MSC Bank for its loan recovery”, said Anaskar.
He further added, remittance to MSC Bank’s customers’ families living in rural areas/ villages will be made possible through the Aadhar Enabled payment System (AEPS) by the lPPB. Besides, the IPPB will undertake customer verification on behalf of the MSC Bank and will issue a visit report & character scrutiny report along with their recommendations to the MSC Bank. In short, the IPPB will act as a Business Correspondent of MSC Bank”, the MSC Bank Chairman underlined.
“The IPPB will provide digital documentation to the MSC Bank (like KYC) for onboarding its customers. They will provide free of cost Aadhaar enabled services to children below 5 years of MSCB’s customers and will provide the insurance Services (Mediclaim, Accidental, Term insurance) to the MSC Banks customers”, he asserted.
The IPPB will provide the Annuity Pension Plans to the employees of the MSC Bank and will facilitate the account opening facilities like PPF, Sukanya Samriddhi Account etc. to the customers of the MSC Bank.
The IPPB is also ready to provide API (Application interface Services) to the Loan Origination System of MSC Bank to disburse the loans directly to the customers of rural areas, informed Anaskar.
He called upon the apex body of state cooperative banks- Nafscob to take the lead in this context.
Readers would recall that in a recently held meeting with the Union Ministry of Cooperation Secretary Gyanesh Kumar, Anaskar also suggested that all state cooperative banks can enter into a strategic alliance with the IPPB.