Migration of your CSP code: State Bank of India introduced CSP customer service points
in 2011 by various BCs to decongest their banks and provide better customer
service.
Then unemployed boys and girls from all over the country
started this business by investing their own capital. At that time, the job was
to open accounts and provide services to those who wanted to deposit and
withdraw very small amounts of cash.
It was stated that the CSP would get 80% of the commission
earned by the CSP and the BC would get the remaining 20%. But later SBI added
many more services to their CSP portal and CSPs became very enthusiastic.
Interestingly,
while some BCs pay commissions as per RBI guidelines, some BCs continue to pay
commissions at their discretion without paying commissions as per the
guidelines. CSP continues to evolve over the years.
When something was
not resolved CSPs tried to choose a new BC of their choice or Migration of their CSP code. But SBI
did not allow LHO.
Currently, as banks have introduced different regulatory
policies, BC banks and CSPs are facing a one-and-a-half gap, and CSPs are on
the verge of a strike.
According to sources, the bank has or may introduce a
migration option that BC is not looking to highlight in CSP and a half. If the
CSPs could strike as an alliance in the future, the bank's top brass could
launch a migration option.
