Digital Foundation CSP

The venture of providing banking and financial services to every section of the society is described as Financial Inclusion. Its main aim is to incorporate everyone in the community; by providing intrinsic financial services; without looking at an individual’s economic status. Financial Inclusion mainly focuses on pledging trustworthy financial solutions without any injustice to the economically backward sections of society. It hopes to provide financial solutions without signs of inequality. It is also committed to being transparent in providing financial assistance without hidden transactions or expenses.

Financial Inclusion wants everyone in society to participate and participate wisely in financial management. Several poor households in India cannot get financial services. They do not know about banks and their functions. Most of the poor do not have access to services through banks despite their awareness of banks.

They may not meet the minimum eligibility criteria prescribed by the banks, and therefore, they may not be able to avail themselves of the banking services.

These economically backward sections of the society may not even have proper documents to provide to the banks for identity or income validation.

To counter these constrictions and to penetrate the hinterlands of the country, the concept of CSP came into consideration.

The Customer Service Point (CSP) concept was proposed in 2012 to provide banking services like savings bank account opening, cash withdrawal, deposits in rural areas through non-banking individuals. All these necessary banking services are rendered with minimum documentation.

Each bank loan application has some mandatory documents to be submitted for successful loan processing or in the bank account creation process. Most of them are not aware of the importance of these documents. They do not even have the opportunity to apply for government-approved documents.

As a result, the poor farmers are frequently deprived of loans and subsidies granted by the cabinet and are compelled to borrow from the money lenders.

The CSP operators are now accredited to process loan applications on behalf of the applicant.

The State Bank of India is to launch several CSP outlets in the hinterlands.

DIGITAL FOUNDATION CSP is the only CSP provider approved by the State Bank of India to offer an online CSP registration service. DIGITAL FOUNDATION CSP is an extended arm of the State Bank of India that coordinates and controls the CSP application procedure.

The State Bank of India also offers SBI CSP incense free of cost to educated rural youths.

This step of SBI can be instrumental to boosting the Indian economy in near future.