IndusInd Bank elected RBI agency bank


Bombay (Maharashtra) [India], Aug 3 (ANI): Private sector lender IndusInd Bank said on Tuesday it had been appointed by the Reserve Bank of India (RBI) as an agent to facilitate transactions related to government operations.

The announcement follows recent RBI guidelines that approve private banks being considered as agents of the regulators for the conduct of government operations.

This gives IndusInd Bank the ability to partner with several other private banks in the country to perform general banking operations on behalf of central and state governments while performing routine financial transactions through the banking platform. To our clients.

Soumitra Sen, Head of Consumer Banking, IndusInd Bank, said:

As an authorized agent bank, lenders may be authorized to process transactions related to: receipt of income under the CBDT, CBICGST on behalf of the state / central government. Pay the pension on behalf of the state / central government. Works related to a small savings system. Collection of stamp duties; Collection of stamp duties from citizens to support documents. Collecting state taxes such as expert tax, VAT, and state sales tax on behalf of various state governments.

Private sector rentals include 2,872 ATMs nationwide, as well as 2,015 branches and banks. We also have representative offices in London, Dubai and Abu Dhabi. (ANI)

IndusInd Bank elected RBI agency bank

Source link IndusInd Bank elected RBI agency bank

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