Tag: agency bank

RBI empanells Dhanlaxmi Bank as Agency Bank

Banking & Finance

[ad_1]

Read More/Less


Thrissur-based Dhanlaxmi Bank has been empanelled as ‘Agency Bank’ by the Reserve Bank of India to undertake general banking businesses of Central and State governments on behalf of the RBI.

Dhanlaxmi Bank entered into agreement with the RBI at the Department of Government and Bank Accounts (DGBA), Reserve Bank of India, Mumbai.

It is now authorized to undertake transactions related to government businesses such as revenue receipts and payments on behalf of the Central and State governments, pension payments in respect of Central and State governments, works related to small savings schemes (SSS), collection of stamp duty through physical mode or e-mode, and any other item of work specifically devised by the RBI as eligible for agency commission.

Also see: Dhanlaxmi Bank shareholders reject appointment of auditors

Dhanlaxmi Bank has 245 branches spread across 15 States and Union Territories. The Bank has an excellent technology team in creating customised solutions for customers, thereby providing flexibility and ease of banking while leveraging in-depth understanding of customer needs.

Shivan J K, Managing Director and CEO, Dhanlaxmi Bank, said, “We are proud to be one among the private sector banks empanelled by the RBI to facilitate transactions related to government businesses.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , ,

RBL Bank empanelled as Agency Bank by RBI

Banking & Finance

[ad_1]

Read More/Less


Private sector lender RBL Bank has been empanelled by the Reserve Bank of India (RBI) as an ‘Agency Bank’ to conduct banking business for the Central and State Governments.“The authorisation will enable RBL Bank, to handle a broad range of transactions related to government business, such as distributing subsidies, pension payments, collecting Central and State taxes including income tax, excise duties, customs, GST, stamp duty, registration, value added tax and professional tax, in both online and offline modes,” it said in a statement on Wednesday.

Also read: RBL Bank selects AWS to accelerate AI efforts

The accreditation comes on the heels of the RBI’s guideline authorising scheduled private sector banks as Agency Banks to carry out specific government-related business transactions.

Parool Seth, Head – FIG, Inclusive FI, MNC and New Economy Client Coverage, RBL Bank said, “With the RBI’s accreditation, we will be in a position to offer to the Centre and the State governments, cost and time-efficient best-in-class products and solutions.”

[ad_2]

CLICK HERE TO APPLY

Leave a comment , ,

IndusInd Bank gets empanelled as Agency Bank to RBI, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


IndusInd Bank on Tuesday said it has been empanelled by the Reserve Bank of India (RBI) to act as an ‘Agency Bank‘ to facilitate transactions related to government businesses. It will strengthen the bank’s presence within the government domain, IndusInd Bank said.

The announcement comes close on the heels of a recent RBI guideline that authorises scheduled private sector banks as agency banks of the regulator for the conduct of government business.

With this, IndusInd Bank joins ranks with few other private banks of the country to carry out general banking business on behalf of the central and state government, while also offering customers – the convenience of undertaking routine financial transactions through its banking platform, the bank said in a release.

“We are honoured to be appointed by the RBI to facilitate transactions pertaining to all kinds of government-led businesses.

“Given IndusInd Bank’s exclusive suite of services comprising innovative and cost-effective solutions, coupled with our state-of-the-art technology platforms, we are confident of being a ‘partner of choice’ for the government, its enterprises, as well as all other stakeholders in fulfilling their financial aspirations in the most seamless manner,” said Soumitra Sen, Head – Consumer Bank, IndusInd Bank.

As an empanelled ‘Agency Bank’, IndusInd Bank can now be authorised to handle transactions pertaining to revenue receipts under CBDT, CCBIC and GST on behalf of the state/central government.

It can also make transactions for pension payments on behalf of state/central government, work related to Small Savings Schemes (SSS), collection of stamp duty charges, and collection of stamp duty from citizens for the franking of documents.

Besides, it can also undertake the collection of state taxes such as professional tax, VAT, state excise etc. on behalf of various state governments, IndusInd Bank said.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , ,