Karnataka Bank is empanelled as 'Agency Bank' for Government business

Karnataka Bank is empanelled by the Reserve Bank of India to act as an "Agency Bank" to facilitate transactions related to Government businesses. As an empanelled "Agency Bank", Karnataka Bank is now authorised to undertake the Government businesses such as Revenue receipts and payments on behalf of the Central/State Governments, Pension payments in respect of Central / State Governments, Collection of stamp duty charges and also any other item of work specifically advised by Reserve Bank of India.

Speaking on the development, Shri Mahabaleshwara M S, MD & CEO of Karnataka Bank said, "we are privileged to be appointed by the regulator to facilitate transactions pertaining to all kinds of Government led businesses. With Pan-India presence, driven by strong & robust technology and digital platforms, we are confident of being the best choice for the Central 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".

Shares of Karnataka Bank Ltd. was last trading in BSE at Rs. 60.3 as compared to the previous close of Rs. 60.2. The total number of shares traded during the day was 83530 in over 820 trades.

The stock hit an intraday high of Rs. 61 and intraday low of 59.75. The net turnover during the day was Rs. 5063763.

Source : Equity Bulls

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