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BFSI Chronicle, 11 Edition September2022
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Insurance Board ((BFSIB) under the Chairmanship slide showing the year-on- year growth of the Agency
of CMA Chittaranjan Chattopadhyay, decided to Commission paid by RBI to both Public and Private
conduct a webinar on “Certification of Government Sector Banks.
Commission of Banks by CMAs”. The Speaker was
CMA Dr.P Siva Rama Prasad, Former AGM of The Speaker touched further upon the discussion
State Bank of India and eminent faculty of various by explaining the time period allowed to furnish
certification courses of BFSIB. a claim on Agency Commission. He pointed out
the settlement data for ‘Agency Commission’
The erudite Speaker presented the webinar with a is reported through e-Kuber to RBI. He further
lucid and illustrative Power point presentation. He explained in detail about computation of agency
started the webinar with a set of coherent guidelines commission, as per the prescribed methodology. He
outlining the objectives of the webinar in brief. The shared an illustrative chart demarcating the type
Speaker established the role of the Reserve Bank of transaction and the rate of commission for the
of India acting as the Banker for both the Central above-mentioned computation and elucidated the
and State Government as per Section 20 of the RBI items which are ineligible for Central Government
Act 1934. It provides them the Short-term Loans commission. To give a holistic view of the subject, the
whenever necessary. Speaker expounded the deduction of TDS on Agency
Commission and the procedure of verification of the
On behalf of the Government, the Bank collects same. He explained the accounting procedure of the
the Receipts of the funds and makes the Payments. branch to enumerate the commission. The Speaker
Agency Commission’ is the remuneration received discussed the compliance and review procedure and
from the Reserve Bank of India (RBI), based on the shared the Certification proforma with the members.
‘Count/Amount’ of eligible transactions, by the
‘Agency Banks (Public and Private Sector Banks)’, for The webinar ended with the Speaker addressing a
transacting Central Government/State Government number of technical queries from the Members which
‘Receipts/Payments. The claim of the Central included how and where to apply for this particular
Government /State Government Commission is professional assignment, how to gain professional
submitted to RBI after the requisite transactions get assignments and the modalities of conducting the
validated within the stipulated timelines. assignment. The webinar was a huge success and the
members of the Institute acknowledged the role of
The Speaker pointed out that for State Govt. Agency the BFSIB for conducting the webinar to illuminate
Commission Claim, that Settlement Units get their the professional opportunities available to Cost and
Data from Core Banking System, Internet Banking, Management Accountants.
Cash Management Product. The Speaker presented a

The Institute Of Cost Accountants Of India

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