Meaning
Extending financial services closer to customers.Definition
Agency banking allows financial institutions to offer services through authorized third-party agents, such as local shops or pharmacies, instead of traditional branch networks.How It Works
These agents facilitate basic transactions like cash deposits, withdrawals, fund transfers, and bill payments using digital tools. This model significantly expands banking reach, particularly in rural or remote regions.Benefits
It boosts financial inclusion by making essential banking services accessible, reduces operational costs for banks, and provides convenient access to services like UPI payment for customers.Author
