IndusInd Bank Gets Empanelled as Agency Bank for Govt Business
Moneylife Digital Team 03 August 2021
IndusInd Bank says it has been empanelled by the Reserve Bank of India (RBI) to act as an 'agency bank' to facilitate transactions related to government businesses. The bank said this will strengthen the bank's presence within the government domain.
 
The announcement follows a recent RBI guideline that authorises scheduled private sector banks as agency banks for government business.
 
IndusInd Bank now joins a few other private banks which are allowed to carry out general banking business on behalf of the central and state government, while offering customers - the convenience of undertaking routine financial transactions through its banking platform.
 
"We are honoured to be appointed by the RBI to facilitate transactions pertaining to all kinds of government led businesses,” the bank said in a release.
 
As an empanelled 'agency bank', IndusInd Bank can now be authorised to handle transactions pertaining to revenue receipts under Central Board of Direct Taxes (CBDT), Central Board of Indirect Taxes and Customs (CBIC) and goods and services tax (GST) on behalf of the state and Union government.
 
It can also 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 franking of documents.
 
IndusInd Bank can also undertake collection of state taxes such as professional tax, value added tax (VAT), state excise on behalf of various state governments. 
 
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