RBI Appoints This Bank As Agency Bank To Undertake Govt Business

Kolkata: India’s central bank — the Reserve Bank of India (RBI) — has authorised Bandhan Bank as the RBI’s Agency Bank for undertaking government business.

The appointment would permit Bandhan Bank to undertake government business on the RBI’s behalf. Following this, Bandhan Bank joins ranks with a few other scheduled private sector banks to be empanelled as RBI’s Agency Banks, reported Mint.

As RBI’s Agency Bank, Bandhan Bank will now be able to handle transactions related to the collection of state taxes and revenue receipts such as GST and VAT; a collection of stamp duty and pension payments on behalf of central and state governments.

“Since its launch six years ago, Bandhan Bank has been dedicated to bringing millions of Indians into the fold of formal financial services and catalysing the creation of sustainable livelihoods. The RBI’s decision to authorise Bandhan Bank to undertake Government business as an Agency Bank will further help us contribute to nation-building, and we thank the RBI for this approval. Bandhan Bank enjoys the trust of over 2.4 crore customers and, now, we have the opportunity to serve the government with our banking services. We are indeed grateful for this opportunity,” Bandhan Bank’s Managing Director and Chief Executive Officer, Chandra Shekhar Ghosh was quoted as saying by Mint.

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