HomeFinanceRBI appoints Bandhan Bank as an agency bank

RBI appoints Bandhan Bank as an agency bank

Most Read

Reserve Bank of India (RBI) on Monday announced the appointment of Bandhan Bank as an Agency Bank of the RBI for undertaking Government business.

“The appointment would allow Bandhan Bank to undertake Government business on behalf of the RBI,” the statement said.

- Advertisement -

“With this, Bandhan Bank joins ranks with a few other scheduled private sector banks to be empanelled as Agency Banks of the RBI,” the statement added.

 As an Agency Bank of the RBI, authorized to undertake government business, Bandhan Bank will 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. 

The Bank’s extensive branch network, especially in rural and semi-urban areas; state-of-the-art products and services; and digital banking capabilities, will help it discharge its duties effectively by bringing governments and citizens closer to each other.

Speaking on the appointment, Chandra Shekhar Ghosh, Managing Director & Chief Executive Officer, Bandhan Bank said, “The RBI’s decision to authorize 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,” Gosh added.

Subscribe To Morning Newsletters

Sign up to receive the latest news stories, exclusive interviews, and more in your inbox.

We don’t spam! Read our privacy policy for more info.

Editor's Pick

Krishna Mali
Krishna Mali
Founder, CEO & Group Editor of TechGraph.

Read More Stories

SKF Showcases Intelligent & Clean Solutions for the Textile Industry at International Textile Machinery Exhibition (ITME) 2022

SKF India, the country's leading technology and solutions provider of bearings and services will showcase innovative products and solutions...

OneRare and Cornitos: Bringing the Magic of Cornitos to the Foodverse

Cornitos is a leader in the Snack category and has always strived to give its fans and patrons the...

Chitkara University Signs MoU with NEC Corporation India to Transform Learning in the Field of AI/ML

Chitkara University announced its collaboration with NEC Corporation India, a wholly owned subsidiary of NEC Corporation, for a comprehensive...

Role of skills-based hiring in promoting inclusive economic growth in India

In recent years, India's employment landscape has experienced a profound shift, with an increasing emphasis on skills-based hiring. This...

Global Cryptocurrency Regulations: Impact on Industry and Investor Behavior in 2024

The world of cryptocurrency has seen remarkable growth and evolution since its inception, transitioning from obscure digital assets to...

Interview: Modernizing Field Sales Operations With Delta Sales App Director Ekta Golchha

Speaking with TechGraph, Ekta Golchha, Founder and Director of Delta Sales App underscores the app's innovative role in optimizing...