PremiumReserve Bank of India (RBI) has empanelled Private sector lender DCB Bank as an ‘Agency Bank’ to facilitate banking and payment transactions for Centre and the state governments. The transactions would include revenue receipts, CBDT, CBIC and GST, pension payment and small savings scheme.
This empanelment comes on the heels of the announcement by the Finance Ministry in May 2021 lifting the embargo on further allocation of Government business to private sector banks, DCB bank said in a press release.
Through this arrangement, DCB Bank will carry out specific banking services on behalf of both the Central and State governments, while continuing to offer SME, Micro SME and individual customers the convenience of routine financial transactions through its advanced banking platform, it added.
Praveen Kutty, DCB Bank Head of Retail Banking, said, "DCB Bank, is delighted to be appointed Agency Bank by the Reserve Bank of India to facilitate transactions with regards to Government transactions in the banking space."
"DCB Bank’s focus are SME, Micro SME, Agri & Inclusive banking, we look forward to support them by providing access to CBDT, CBIC, GST transactions amongst others. The RBI empanelment complements our strategic focus on the SME business where we offer customised, costeffective and innovative solutions to SMEs, enabling them to achieve their business goals and fulfil their financial aspirations."
As an empanelled agency bank, DCB Bank is now authorised to handle unique transactions on behalf of the State government and the Centre that will offer convenience and seamless banking experience.
Never miss a story! Stay connected and informed with Mint. Download our App Now!!