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IndusInd Bank to Act as an ‘Agency Bank’

Published on August 04, 2021
Current Context: The Reserve Bank of India (RBI) has empanelled the IndusInd Bank to act as an ‘Agency Bank’.
IndusInd Bank to Act as an ‘Agency Bank’
  • Therefore, the IndusInd Bank is now capable to perform transactions pertaining to all kinds of government-led businesses.
  • This decision by RBI is based on norms that allow scheduled private sector banks as agency banks of the regulator for the conduction of government business.
  • Henceforth, the IndusInd Bank has joined few other private banks of India as an ‘Agency Bank of RBI’ and will perform general banking business from the side of central and state government, apart from its routine banking work.
  • The bank will be capable to manage transactions related to revenue receipts under CBDT, CCBIC and GST on the behalf of the state or central government.
  • It will be able to make transactions for pension payments and work on Small Savings Schemes (SSS) on the behalf of the state or central government.
  • The IndusInd Bank will collect stamp duty charges, collecting stamp duty from citizens for the franking of documents.
  • It will also perform the role of collecting professional tax, VAT, state excise etc, which are the state taxes from the side of various state governments.
  • Static Part: 
    • HQ of IndusInd Bank: Pune
    • CEO of IndusInd Bank: Sumant Kathpalia

Question: 

Q.1 In Aug 2021, RBI empanelled which bank to act as an ‘Agency Bank’?
a. City Union Bank
b. Federal Bank
c. IndusInd Bank
d. Kotak Mahindra Bank

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