IndusInd Bank gets empanelled as agency bank to RBI

Private sector lender IndusInd Bank said on Tuesday it has been empanelled by the Reserve Bank of India (RBI) as an agency bank to facilitate transactions related to government businesses.

The announcement comes close on the heels of a recent RBI guideline that authorises scheduled private sector banks as agency banks of the regulator for conduct of government business.

With this, IndusInd Bank joins ranks with few other private banks of the country to carry out general banking business on behalf of the Central and state governments while also offering customers the convenience of undertaking routine financial transactions through its banking platform.

"We are confident of being a 'partner of choice' for the government, its enterprises as well as all other stakeholders in fulfilling their financial aspirations in the most seamless manner," said Soumitra Sen, Head of Consumer Bank at IndusInd Bank.

As an empanelled agency bank, the lender can now be authorised to handle transactions pertaining to:revenue receipts under CBDT, CBIC & GST on behalf of the state/Central government; pension payments on behalf of state/ Central government; work related to small savings schemes; collection of stamp duty charges; collection of stamp duty from citizens for franking of documents; collection of state taxes such as professional tax, VAT and state excise on behalf of various state governments.

The private sector lendor has 2,015 branches and banking outlet besides 2,872 ATMs spread across the country. It also has representative offices in London, Dubai and Abu Dhabi.

( With inputs from ANI )