IndusInd Bank as Agency Bank - RBI

IndusInd becomes eligible to hold out transactions associated with every kind of government-led business.
Sheena

Updated: Aug 04, 2021 01:08:30 pm

04 August 2021 Current Affairs:The IndusInd Bank was empanelled by the RBI to act as an associate degree ‘Agency Bank’. As a workplace Bank, IndusInd becomes eligible to hold out transactions associated with every kind of government-led business. This call is predicated on the run batted in guideline that authorises regular personal sector banks as the agency banks of the regulator for the conduct of state business.
IndusInd Bank currently joins few different personal banks of the country listed as Agency Bank of run batted in, to hold out general banking business on behalf of the central and government, except for providing its customers with the convenience of enterprise routine monetary transactions through its banking platform.

As associate degree empanelled ‘Agency Bank’, IndusInd Bank will perform sure transactions such as:
♦ Handle transactions bearing on revenue receipts underneath CBDT, CCBIC and GST on behalf of the state/central government.
♦ Make transactions for pension payments on behalf of state/central government work associated with tiny Savings Schemes (SSS).
♦ Collection of taxation charges, and an assortment of taxation from voters for the franking of documents.
♦ Undertake the gathering of state taxes like skilled tax, VAT, state excise etc. on behalf of assorted state governments, among different things.
 
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