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In a bid to strengthen its presence within the government domain, IndusInd Bank announced on Tuesday that it has been empanelled by the Reserve Bank of India (RBI) as an ‘Agency Bank’ to facilitate transactions related to government businesses.
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 state-of-the-art banking platform.
Speaking on the development, Soumitra Sen, Head – Consumer Bank, IndusInd Bank said, “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.”
As an empanelled ‘Agency Bank’, IndusInd Bank can now be authorised to handle transactions pertaining to the following types of Government businesses:
– Revenue receipts under CBDT, CBIC & GST on behalf of the State/Central Government
– Pension payments on behalf of State/ Central Government
– Work related to Small Savings Schemes (SSS)
– Collection of stamp duty charges
– Collection of stamp duty from citizens for franking of documents
– Collection of state taxes such as Professional Tax, VAT, State Excise etc. on behalf of various State Governments
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