Page 44 - BFSI CHRONICLE 3092022.indd

BFSI Chronicle, 11 Edition September2022
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IDBI Bank Ltd., IDFC FIRST Bank Ltd., IndusInd Bank Ltd, Jammu and Kashmir Bank Ltd.*, Karnataka
Bank Ltd., Karur Vysya Bank Ltd., Kotak Mahindra Bank Ltd., RBL Bank Ltd., South Indian Bank Ltd., Yes
Bank Ltd., Dhanlaxmi Bank Ltd., Bandhan Bank Ltd., CSB Bank Ltd.

* Approved for limited Agency Business.

Agency Commission / Charges paid by RBI to Public / Private Sector Banks
(` in Crores)
2017-2018 2018-2019 2019-2020 2020-2021 2021-2022

3,903.06 3,910.21 3,876.08 3,280.06 4,400.62

Agency Commission on Government Transactions: The Reserve Bank discharges the function of Banker
to Governments through a large network of Agency twelve months as compared to the nine months for
Bank Branches that serve as retail outlets for 2020-21.
Governments’ Receipts and Payments.
As per the Agreement that Agency Banks have with
The Reserve Bank pays Commission to these Agency RBI, violation or non-compliance of instructions
Banks at prescribed rates. The Agency Commission issued by the Government or Reserve Bank shall
paid on account of Government Business increased attract imposition of penalty. Agency banks will be
by 47.79 percent from ` 2,611.05 Crores in 2020-21 to liable to pay penal interest at Bank Rate as notified by
`3,858.95 crores in 2021-22. The increase was primarily Reserve Bank of India plus 2% for any wrong claims
on account of the Current Accounting Year being of of agency commission settled.

The Institute Of Cost Accountants Of India

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