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Bandhan Bank gets empanelled as agency bank of RBI, BFSI News, ET BFSI

Banking & Finance

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Bandhan Bank said on Monday that it has been empanelled by the Reserve Bank of India (RBI) to act as an agency bank to facilitate transactions related to government businesses. The RBI’s decision will help Bandhan Bank in contributing to nation-building, its MD and CEO Chandra Sekhar Ghosh said.

The announcement comes months after a RBI guideline that authorised scheduled private sector banks as agency banks of the regulator for the conduct of government business.

With this, Bandhan Bank joins ranks with a few other scheduled private sector banks to be empanelled as agency banks of the RBI, the bank said in a statement.

As an agency bank, Bandhan Bank will be able to handle transactions related to collection of state taxes, and revenue receipts such as GST and VAT, collection of stamp duty, and pension payments on behalf of central and state governments, it added.

The bank’s extensive branch network will help it discharge its duties effectively by bringing governments and citizens closer to each other, it said.

“Since its launch six years ago, Bandhan Bank has been dedicated towards bringing millions of Indians into the fold of formal financial services and catalysing the creation of sustainable livelihoods,” Ghosh said. PTI dc SOM SOM



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

Banking & Finance

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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.



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