Page 95 - BFSI CHRONICLE 3092022.indd

BFSI Chronicle, 11 Edition September 2022
th

Webinar on

Webinar on “Certification of Government Commission

of Banks by CMAs” on 30th August, 2022 from 4 pm to

6 pm organized by the Banking, Financial Services and

Insurance Board

he Reserve Bank of India carries out the GBD.No.S-1/31.12.010/2022-23 dated April 1, 2022,
general banking business of the Central and where it is stated that agency banks are required
State Governments through its own offices to submit their claims for agency commission in
Tand through the offices of the agency banks the prescribed format to CAS Nagpur in respect of
appointed under Section 45 of the RBI Act, 1934. Central Government transactions and the respective
RBI pays agency commission to the agency banks Regional Office of Reserve Bank of India for State
for the government business handled by them. The government transactions. The formats for claiming
Reserve Bank of India has permitted the Cost and agency commission for all agency banks and separate
Management Accountants to certify the Government and distinctive set of certificates have to be signed by
Commission of both the public and private Scheduled the branch officials and Cost Accountants have been

Commercial Banks which is a good opportunity for permitted to conduct the certification services with

practising Cost and Management Accountants to respect to claiming agency commission.
increase the scope of practice.
Keeping the importance of the above circular in mind
The RBI had issued a Master Circular on Conduct of and to promulgate the ramifications of the above
Government Business by Agency Banks - Payment circular to the practising as well as the members
of Agency Commission RBI/2022-23/08 CO.DGBA. in industry, the Banking, Financial Services and

The Institute Of Cost Accountants Of India

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