Private sector lender RBL Bank 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, value added tax and professional tax, in both online and offline modes,” it said in a statement on Wednesday.
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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.
Parool Seth, Head – FIG, Inclusive FI, MNC and New Economy Client Coverage, RBL Bank said, “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.”