RBI empanels Dhanlaxmi Bank as Agency Bank

The bank is now authorised to undertake transactions related to the government businesses such as revenue receipts and payments on behalf of the Central/State Governments and so on

The Dhanlaxmi Bank has been empanelled as ‘Agency Bank’ by the Reserve Bank of India to undertake general banking businesses of the Central and State Government on behalf of the RBI.

The Dhanlaxmi Bank entered into an agreement with the RBI on October 4 at the Department of Government and Bank Accounts (DGBA), Reserve Bank of India, Mumbai.

The bank is now authorised to undertake transactions related to the government businesses such as revenue receipts and payments on behalf of the Central/State Governments, pension payments in respect of Central/State Governments, works related to Small Savings Schemes (SSS), collection of stamp duty through physical mode or e-mode and any other item of work specifically devised by the RBI as eligible for agency commission.

“We are proud to be one among the private sector banks empanelled by the RBI to facilitate transactions related to government businesses,” said Shivan J K, Managing Director and CEO, Dhanlaxmi Bank.

Source: Read Full Article