RBI Authorises IndusInd Bank to act as an 'Agency Bank'_00.1
Tamil govt jobs   »   RBI Authorises IndusInd Bank to act...

RBI Authorises IndusInd Bank to act as an ‘Agency Bank’

RBI Authorises IndusInd Bank to act as an 'Agency Bank'_50.1

The IndusInd Bank has been empanelled by the Reserve Bank of India (RBI) to act as an ‘Agency Bank’. As an Agency Bank, IndusInd becomes eligible to carry out transactions related to all kinds of government-led businesses. This decision is based on the RBI guideline that authorises scheduled private sector banks as agency banks of the regulator for the conduct of government business.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

IndusInd Bank now joins few other private banks of the country listed as Agency Bank of RBI, to carry out general banking business on behalf of the central and state government, apart from offering its customers the convenience of undertaking routine financial transactions through its banking platform.

As an empanelled ‘Agency Bank’, IndusInd Bank can perform certain transactions such as:

  • Handle transactions pertaining to revenue receipts under CBDT, CCBIC and GST on behalf of the state/central government.
  • Make transactions for pension payments on behalf of state/central government work related to Small Savings Schemes (SSS).
  • Collection of stamp duty charges, and collection of stamp duty from citizens for the franking of documents.
  • Undertake the collection of state taxes such as professional tax, VAT, state excise etc. on behalf of various state governments, among other things.

Important takeaways for all competitive exams:

  • The IndusInd Bank CEO: Sumant Kathpalia;
  • The IndusInd Bank Headquarters: Pune;
  • The IndusInd Bank Owner: Hinduja Group;
  • The IndusInd Bank Founder: S. P. Hinduja;
  • The IndusInd Bank Founded: April 1994, Mumbai.

Find More Banking News Here

RBI Authorises IndusInd Bank to act as an 'Agency Bank'_60.1

RBI Authorises IndusInd Bank to act as an 'Agency Bank'_70.1

×

Download success!

Thanks for downloading the guide. For similar guides, free study material, quizzes, videos and job alerts you can download the Adda247 app from play store.

Thank You, Your details have been submitted we will get back to you.

Leave a comment

Your email address will not be published. Required fields are marked *

Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizzes
  • Subject-Wise Quizzes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Login

OR

Forgot Password?

Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizzes
  • Subject-Wise Quizzes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Sign Up

OR
Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizzes
  • Subject-Wise Quizzes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Forgot Password

Enter the email address associated with your account, and we'll email you an OTP to verify it's you.


Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizzes
  • Subject-Wise Quizzes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Enter OTP

Please enter the OTP sent to
/6


Did not recive OTP?

Resend in 60s

Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizzes
  • Subject-Wise Quizzes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Change Password



Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizzes
  • Subject-Wise Quizzes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Almost there

Please enter your phone no. to proceed
+91

Join India's largest learning destination

What You Will get ?

  • Job Alerts
  • Daily Quizzes
  • Subject-Wise Quizzes
  • Current Affairs
  • Previous year question papers
  • Doubt Solving session

Enter OTP

Please enter the OTP sent to Edit Number


Did not recive OTP?

Resend 60

By skipping this step you will not recieve any free content avalaible on adda247, also you will miss onto notification and job alerts

Are you sure you want to skip this step?

By skipping this step you will not recieve any free content avalaible on adda247, also you will miss onto notification and job alerts

Are you sure you want to skip this step?