Money & Banking

RBI empanells Dhanlaxmi Bank as Agency Bank

Our Bureau Kochi | Updated on October 08, 2021

It is now authorized to undertake transactions related to government businesses

Thrissur-based Dhanlaxmi Bank has been empanelled as ‘Agency Bank’ by the Reserve Bank of India to undertake general banking businesses of Central and State governments on behalf of the RBI.

Dhanlaxmi Bank entered into agreement with the RBI at the Department of Government and Bank Accounts (DGBA), Reserve Bank of India, Mumbai.

It is now authorized to undertake transactions related to government businesses such as revenue receipts and payments on behalf of the Central and State governments, pension payments in respect of Central and State governments, works related to small savings schemes (SSS), collection of stamp duty through physical mode or e-mode, and any other item of work specifically devised by the RBI as eligible for agency commission.

Also see: Dhanlaxmi Bank shareholders reject appointment of auditors

Dhanlaxmi Bank has 245 branches spread across 15 States and Union Territories. The Bank has an excellent technology team in creating customised solutions for customers, thereby providing flexibility and ease of banking while leveraging in-depth understanding of customer needs.

Shivan J K, Managing Director and CEO, Dhanlaxmi Bank, said, “We are proud to be one among the private sector banks empanelled by the RBI to facilitate transactions related to government businesses.

Published on October 08, 2021

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