RBL Bank gets accredited as an Agency Bank to RBI
PremiumThe authorisation will enable RBL Bank, to handle a broad range of transactions related to government business
RBL Bank on Wednesday announced that it 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 bank informed in a regulatory filing.
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.
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, State Excise (VAT) and professional tax, in both online and offline modes.
"It will allow RBL Bank to offer best‐in‐class tech‐enabled platforms and digital products to government departments and enterprises, thereby making their banking journey convenient and seamless," the bank said.
Last week, IndusInd Bank announced that it has been empanelled by the Reserve Bank of India (RBI) as an ‘Agency Bank’ to facilitate transactions related to government businesses.
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