Karnataka Bank authorised to do govt. business

Karnataka Bank on Friday said it is empanelled by RBI to act as an ‘Agency Bank’ to facilitate transactions related to government businesses. A release stated that as an empanelled Agency Bank, it is authorised to undertake government businesses such as revenue receipts and payments on behalf of the Centre and States, pension payments in respect of the same, collection of stamp duty charges and also any other item of work specifically advised by the RBI.

Bank MD and CEO M.S. Mahabaleshwara said, “We are privileged to be appointed by the regulator to facilitate transactions pertaining to all kinds of government-led businesses. With a pan-India presence, driven by strong and robust technology and digital platforms, we are confident of being the best choice for the Union and State governments in providing the best possible financial solutions in the most seamless manner. Further, with this arrangement, a level playing field is being ensured and it will augur well in developing a ‘cost-lite’ liability portfolio for the Bank.”

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