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).
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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.
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