RBL Bank Accredited as Agency Bank to the Reserve Bank of India
Mumbai, August 12, 2021: RBL Bank announced that it has been empanelled by the Reserve Bank of India (RBI) as an ‘Agency Bank’ to conduct banking business for the Central and State Governments.
The authorisation will enable RBL Bank, to handle a broad range of transactions related to government business, such as distributing Subsidies, Pension payments, collecting Central and State taxes including Income Tax, Excise Duties, Customs, GST, Stamp Duty, Registration, State Excise (VAT) and professional tax, in both online and offline modes.
The accreditation comes on the heels of the RBI’s guideline authorising scheduled private sector banks as Agency Banks to carry out specific government-related business transactions. It will allow RBL Bank to offer best-in-class tech-enabled platforms and digital products to government departments and enterprises, thereby making their banking journey convenient and seamless.
Parool Seth, Head – FIG, Inclusive FI, MNC and New Economy Client Coverage, RBL Bank said, “We are pleased that the Government has opened up the Agency business to a few private sector banks as well. With the RBI’s accreditation, we will be in a position to offer to the Centre and the State Governments , cost and time-efficient best-in-class products and solutions. We look forward to being the preferred choice and trusted partner of the government by efficiently discharging our responsibilities under the RBI’s mandate.”
About RBL Bank
RBL Bank is one of India’s leading private sector banks with an expanding presence across the country. The Bank offers specialized services under six business verticals namely: Corporate & Institutional Banking, Commercial Banking, Branch & Business Banking, Retail Assets, Development Banking and Financial Inclusion, Treasury and Financial Markets Operations. It currently services over 9.83 million customers through a network of 435 branches, 1,422 business correspondent branches (of which 271 banking outlets) and 380 ATMs spread across 28 Indian states and Union Territories.
RBL Bank is listed on both NSE and BSE (RBLBANK).