CBS Bank appointed as Agency Bank by RBI

CSB Bank has been empanelled as ‘Agency Bank’ by the Reserve Bank of India (RBI). This appointment will allow CSB Bank to undertake the general banking business of the central and state governments which may be entrusted by the RBI.

As an agency bank of RBI, CSB Bank is now authorized to enter into an agreement with different state governments and central government departments for businesses such as tax collections, pension payment, collection of stamp duty, etc. It will also enable CSB Bank to handle a broad range of transactions related to government business, such as TDS,  GST, stamp duty, registration, property tax, value-added tax, and professional tax.

Commenting on this empanelment, Mr. Narendra Dixit, Head- Retail Banking CSB Bank said, “This is a good opportunity for us to offer our services to different government departments. With our extensive network of 562 branches across the country, this appointment will ease the routes between government-related payment services and our customers. This facility shall provide our customers with an efficient path to conduct payments to the government from their existing account with CSB Bank.”

CSB Bank has been expanding its business by adding new product lines and increasing the distribution channel through physical and digital channels. More than 85% of the transactions in the bank are conducted via digital mode.