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If you open CSP, then you are given the following services here which you can make a good profit, by reaching out to the people in the area of your village.
All these services work as a Small Banker then you can do the following make good profit from services:
You can get a RuPay debit card with a simple savings account. Likewise, you can open an account under the PMJDY scheme (Prime Minister Jan Dhan Yojana). You would need a basic KYC document that has your, ID proof and address proof to open your RuPay debit card.
The micro platform will enable the function through low-cost devices (micro ATMs), that will be connected with the banks across the country.
This would help a person to immediately deposit and withdraw money.
Money transfer generally refers to the cashless modes of payment systems:
Cash-based wire transfer systems:
Saving Schemes is for managing finances which becomes a botheration when people do not know how to handle money. Most people would not have sufficient money to lead a comfortable life. Keeping all the issues in consideration, the Government of India has launched various saving schemes. These schemes support people to save a part of their income for future use. Some of the schemes are contributed by the government to the people to make their lives more comfortable.
AePS is a bank-led model that permits online interoperable financial inclusion transactions at PoS (MicroATM) via the Business correspondent of any bank using the Aadhaar authentication. AePS permits you with six types of transactions.
Know Your Customer (KYC) standards have been designed to protect financial institutions against money laundering, corruption, fraud, and terrorist financing.
KYC affects multiple steps like:
Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a Pension Scheme launched by the Government of India solely for senior citizens whose age is 60 years and above, which was functional from 4th May 2017 to 31st March 2020.
This scheme offers working capital loans amounting to ₹10,000 each to around 50 lakh street vendors whose livelihood was influenced because of the pandemic. The loans under this scheme come with a 7% interest in a one-year term and the repayment is done in monthly instalments.
The Kisan Credit Card (KCC) scheme was introduced in 1998, the issue of Kisan Credit Cards are for farmers based on their holdings for consistent adoption by the banks. This is done because the farmers may use them to readily buy agriculture items such as seeds, fertilizers, pesticides etc. and yield cash for their production needs.
The subsidy would be disbursed if the price notified production clusters. If it falls below the average of the foregoing three years or if it falls more than 15% from the price of last year at the time of harvest. Also, if the price falls below the benchmark price for obtaining for a specified period.
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