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Financial Inclusion

Financial Inclusion is the provision of banking services at an affordable cost, to the disadvantaged sections of the society, who are hitherto excluded and deprived of the Financial Services, to enable them to improve their standard of living.

The financial exclusion signifies the lack of access by certain segments of the society to appropriate low cost, fair and safe financial products and services by the main stream service provider The financial Service Include Micro Savings, Micro Credit, remittance facility, Insurance, Pension Payment and Transactions.

With the basic objective of bringing the large unserved population under the banking mainstream, the banks are striving towards a more inclusive growth by making financial products and services available to financially excluded and marginalized sections of society in particular. As per the Government of India and the Reserve Bank of India directions, the bank has been actively pursuing the agenda of Financial Inclusion (FI), with key interventions in four groups, viz., expanding banking infrastructure, offering appropriate financial products, making extensive & intensive use of technology and through advocacy of financial literacy.

Brief overview:

PMJDY is the initiative from Govt of India for comprehensive financial inclusion of the population of India particularly aiming covering the households hitherto excluded from the purview of banking and empowering them with benefits and facilities provided by the banking industry.

Hon’ble Prime Minister, Shri. NarendraModi on 15th August, 2014 announced “PradhanMantri Jan-DhanYojana (PMJDY)” which is a National Mission for Financial Inclusion. This National Mission on Financial Inclusion has an ambitious objective of covering all households in the country with banking facilities and having a bank account for each household.
The scheme was launched by the Prime Minister on 28.08.2014 on pan India basis. PMJDY under Mission mode envisages provision of affordable services to all citizens within a reasonable distance. PMJDY comprises of six pillars as follows.

  • Universal access to Banking facilities: Mapping of each district into Sub Service Areas (SSA) catering to 1000-1500 households, so as to ensure banking service to every habitation within 5 KMS.
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  • Providing Basic Banking accounts: Aimed at covering unbanked households with at least one bank accounts and its creating a culture of banking habits, convincing them to pool their hard earned savings in to their newly opened bank accounts for improving their life standards.
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  • Financial Literacy Programme: Conducting financial literacy programs with a view to educate the vast number of illiterate population regarding facilities available from banks, effective utilisation of bank borrowings and satisfactory conduct of accounts. The basic financial literacy includes operating an ATM card and benefits of the repayment of the overdraft amount.
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  • Micro Credit: To provide hassle free credit limit upto ₹10,000/- after completion of satisfactory operation of accounts for 6 months to low income group / underprivileged customers to meet their exigencies without insistence on security, purpose or end use of the credit.
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  • Micro Insurance: Covering the BSBD account holders with Micro insurance , the DFS has come out with two insurance schemes viz., PradhanMantriJeevanBimaYojana (PMJJBY) offers ₹200000/- life insurance cover at a nominal annual premium of ₹436/- and PradhanMantriSurakshaBimaYojana (PMSBY) offers ₹200000/- personal accident cover at a nominal annual premium of ₹20/-
     The accounts opened under PMJDY are issued with Rupay debit card, which covers accidental Insurance coverage to the extent of ₹200000/- and further accounts holders gets life insurance cover of ₹30000/- (for accounts opened upto 31.01.2015) subject to conditions specified therein.
     Recently DFS, Ministry of Finance, Govt of India has directed the banks to about the Continuation of comprehensive PMJDY on Financial Inclusion with the change in focus of opening of accounts from “every House hold” to “every Adult”.
     Accidental insurance cover for new RuPay card holders has been raised from ₹1 lakh to ₹ 2 lakh to new PMJDY accounts opened after 28.08.2018.
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  • Micro Pension: Implementation of social pension schemes for the population who are not covered under any pensions schemes. To provide the benefit to workers in the unorganized sector to save voluntarily for their old age an initiative called “Atal Pension Yojana” would be encouraged.

AADHAAR Enrolments Updation Centres:

Bank is a Registrar and Enrolment Agency for Adhaar Enrollment and Updation. As per UIDAI guidelines, has to establish 500 AadhaarSevaKendras(ASKs).

Aadhaar Enrolment /Update Form:Please click here for specimen form.

list of 500 ASKs established in Canara Bank branches: Please click here for list.

1.AADHAAR seeding/ linking and Aadhaar authentication:
Account holders can link their accounts with Aadhaar by giving explicit consent through 3 different methods:

  • Linking Bank Account with Aadhaar Online
  • Linking Bank Account with Aadhaar Offline
  • Linking Bank Account with Aadhaar through ATM
 

Linking Account with Aadhaar Online:

Account holders who registered with the bank for internet banking facility and performing transaction can link Aadhaar number to their bank accounts online as well. The procedure for linking Aadhaar online in Canara Bank account is as below;

  • Login to your Canara Bank internet banking account
  • Click on the “Services” section
  • Select the “Others” option
  • Click on “Update Aadhaar Number”
  • Now enter your 12-digit Aadhaar number
  • Select the Aadhaar primary Account
  • Click on “Update”
  • Your Aadhaar will be linked with your bank account
 

Linking Bank Account with Aadhaar Offline:

There are a number of customers who are not adept in using the online service or using the ATMs. Bank has made provisions for them to link their bank account with Aadhaar by visiting the branch where their account is being operated. This method is useful especially for senior citizens and specially-abled persons. Procedure for linking Aadhaar with Canara Bank account offline is as below;

  • Visit the branch of Canara Bank
  • Carry a self-attested copy of your Aadhaar card
  • Fill the Aadhaar Seeding form available in the branch
  • Attach the self-attested copy of your Aadhaar with the form
  • Now hand this over to the Canara Bank executive
  • The executive asks for your original Aadhaar for verification
  • Provide your original Aadhaar to the executive
  • The executive hands over the receipt along with your original Aadhaar
  • The acknowledgement number in the receipt can be used to check the status of Aadhaar linking
  • Your Aadhaar will be linked with your bank account within two working days
 

Linking Bank Account with Aadhaar through ATM:

Customers can link their bank accounts through ATMs as well. They have to visit the nearest Canara Bank ATM and below mentioned steps are to be followed to link their account;

  • Swipe your ATM card at the Canara Bank ATM
  • Select your preferred language
  • Now Enter your PIN
  • Now select the “Main Menu” option
  • Click on “Other Services”
  • Select the “More” option
  • Click on “Aadhaar Number Registration” option
  • Select the “Correct” option
  • Now enter your 12-digit Aadhaar number
  • Click on Correct
  • Now re-enter your Aadhaar number
  • Click on Correct option
  • Select your Account Type (Savings or Current)
  • You will get a message that your Aadhaar Registration is successful and is now linked with your bank account.
 

Aadhaar Authentication

Aadhaar authentication is a process designed to verify the Aadhaar number and the information associated with it such as customer’s demographic and biometric details of the custome₹ To avail the Aadhaar authentication facility, customers may visit the nearest branch of Canara Bank.

What are the Modes of Aadhaar Authentication?

The authentication may be carried out through the following modes:

  • Demographic Authentication – Details such as your name, address, gender, and date of birth are categorized as the demographic information. In demographic authentication, the demographic information linked with the Aadhaar number is matched with the information/documents submitted to the Bank.
  • OTP Based Authentication – OTP (One-time Pin/Password) is a password or pin number that is valid for a short period. It can be used only once for a login session or transaction over the internet. In OTP-based authentication, the OTP will be triggered by the branch user to the registered mobile number with the Aadhaar number of the customer and the customer will share the OTP received and will be authenticated by the Branch user.
  • e-KYC (Biometric) Authentication – In this, an individual is uniquely identified by evaluating one or more of his distinguishing biological traits. These distinguishing biological traits can be their fingerprints or iris patterns. For Aadhaar authentication, we use the fingerprints of an individual to authenticate their identities. In this mode of authentication, the finger print image of the customer is captured and matched with biometric information available with his / her Aadhaar number.

For any information please contact 9449862188

RBI has permitted Banks to engage services of intermediaries in providing banking services through the use of Business Correspondents (BCs) with the objective of ensuring greater financial inclusion and increasing the outreach of the banking sector and cater to the needs of the people in unbanked and under banked areas.

 
  • Business correspondents are bank representatives who provide accessible, convenient and safe banking services to rural and under-banked populations.
  • Bank has deployed BCAs (agents of Corporate BC) in 13173 locations out of which 5434 BCAs are deployed in SSA locations.
  • Bank has launched new HYBRID OPEX MODEL (KIOSK & MOBILE) - using TABLET for rendering BC services wherein the BCAs will work for atleast 4 hours in fixed locations (Bank Business Outlets) and thereafter they will be going around villages/ area allotted to them for providing banking services to the aged people and Senior Citizens at their door steps in their allotted areas.
  • Presently our Bank is having 5 BCs (CBCs), details as below:

    Sl No. Business Correspondents Name
    1 M/S AISECT LTD
    2 M/S Fino Payment Bank LTD
    3 M/S Gram Tarang Inclusive Development Services P LTD
    4 M/S Sanjivani Vikas Foundation Bihar
    5 M/S Visionindia tech services limited
  • The BCAs provide financial and non-financial services such as opening of accounts, AEPS transactions, cash receipts, cash payments, RuPay Card transactions, Funds Transfer etc. These services are extended not only to bank’s own customers, but to other bank customers as well.
  • Bank has enabled 53 services through BC channel (as on 30.09.2024) and customers can avail these services by visiting Canara Bank BC points Pan India.
  • As on September Quarter 2024, Bank has 6884 active BC Agent list

Bank has formed Startup Cells at 24 Centres.Please contact the Startup Cell for availing loan under Startup. Documents required for availing startup loan is documents as required for MSME loan and the entity should be registered as Startup by DPIIT.

Canara Bank Startup Cell Nodal Officers Contact Details

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Last updated on 21-11-2024 03:44 PM

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