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BFSI Chronicle, 11 Edition September2022
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GOVERNMENT BUSINESS
BY AGENCY BANKS
(Certification by CMAs)
T
he Reserve Bank of India carries out the ‘General Banking
Business’ of the ‘Central and State Governments’ through its
own offices and the Branches of the ‘Agency Banks (Public
and Private Sector Banks)’ appointed under Section 45 of the
RBI Act, 1934, by mutual agreement.
RBI pays Agency Commission to the Agency Banks (Private
and Public Sector Banks) for the Government Business handled
by them.
Agency Banks (Both Private and Public Sector Banks):
It is a Bank that performs services in some capacity on
behalf of an entity. An Agent Bank, also known as an
Agency Bank, can offer a wide variety of services for
businesses looking to expand internationally.
RBI has empanelled these banks as ‘Agency Bank’ to
facilitate Banking and Payment transactions for the
‘Central Government and the State Governments’.
Agent Banks caters to the needs of both Individuals as
well as Businesses through a wide range of Services.
Transactions relating to the following Government Business
undertaken by Agency Banks are eligible for the ‘Agency
Commission’ paid by the Reserve Bank of India:
CMA (Dr.) P. Siva Rama Prasad
Asst. General Manager (Retd.) Revenue Receipts and Payments on behalf of the Central
State Bank of India, Hyderabad Government/State Governments.
The Institute Of Cost Accountants Of India
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