Reserve Bank of India, in consultation with the Department of Financial Services, the Ministry of Finance, has decided to make the Scheduled payments banks and scheduled small finance banks (SFBs) eligible to conduct Government agency business. In May this year, RBI has revised the existing guidelines on ‘Appointment of Scheduled Private Sector Banks as Agency Banks of RBI’ for authorising Scheduled Private Sector Banks as agency banks of RBI for conducting govt business (Central and/or State).
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
Thus, any payment bank or small finance bank which intends to undertake govt agency business could be appointed as an agent of RBI only upon execution of an agreement with RBI and also in compliance with the regulatory framework prescribed for those banks.
Important takeaways for all competitive exams:
The Sahitya Akademi Award 2025 are officially announced on 16th of march 2026. The award…
Did you know that many rivers around the world are compared with one another because…
Did you know that every year the world waits eagerly for one of the biggest…
The major Egypt archaeological discovery has solved a mystery. This mystery that remained unanswered for…
The medieval Gajapathi inscription has been discovered at the Lakshmi Narasimha Swamy Temple in Ramachandrapura…
The process to the appointing State Director General of Police (DGP) has been changed after…