EBL's branchless banking for folk in rural areas

For the first time, Everest Bank Ltd (EBL) has launched branchless banking ‘Everest Ghar-Dailo BankingSewa' in Baglung from today. The concept has been successfully tried in many countries including India by Punjab National Bank (PNB) and other important banks. It is neither practical nor cost effective for the banks to open branches in remote villages. However, with the extension of telephone lines on the one hand and development of modern technology and equipment on the other, it is now possible to extend modern banking services practically to every village where there is a telephone line.

EBL will appoint an authorized representative called ‘Business Correspondent' in the selected villages. After training, such authorized representatives will be provided a specialized machine-Point of Transaction Machine (POT) ¬-- which will be located at their respective places and which will be connected by telephone line with the branch of EBL to carry out banking transactions like accepting deposits and allowing withdrawals. Each account holder will get a Smart Card enabling him or her to activate the account. Since many villagers are not literate, the machine recognizes any of the ten finger prints in addition to the photograph of the account holder in the card. The account holder can deposit as well as withdraw money through this machine. Thus, money lying with villagers will be fully secured since the money will be with the bank. Further, the money will earn interest.
Source:
THT