IndusInd Bank gets empanelled as an Agency Bank to RBI

In a bid to strengthen its presence within the Government domain, IndusInd Bank announced, that 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 the 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 Government, while also offering customers - the convenience of undertaking routine financial transactions through its state-of-the-art banking platform.

Speaking on the development, Mr. Soumitra Sen, Head - Consumer Bank, IndusInd Bank said, "We are honoured to be appointed by the RBI to facilitate transactions pertaining to all kinds of Government led businesses. Given IndusInd Bank's exclusive suite of services comprising innovative and cost-effective solutions, coupled with our state-of-the-art technology platforms, 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."

As an empanelled 'Agency Bank', IndusInd Bank can now be authorised to handle transactions pertaining to the following types of Government businesses:

- 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 (SSS)

- Collection of stamp duty charges

- Collection of stamp duty from citizens for franking of documents

- Collection of state taxes such as Professional Tax, VAT, State Excise etc. on behalf of various State Governments

Shares of IndusInd Bank Ltd. was last trading in BSE at Rs. 987.95 as compared to the previous close of Rs. 981. The total number of shares traded during the day was 87452 in over 2563 trades.

The stock hit an intraday high of Rs. 996.95 and intraday low of 985. The net turnover during the day was Rs. 86804984.

Source : Equity Bulls

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