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CSB Bank to Perform as ‘Agency Bank’ as per RBI

Published on December 23, 2021
Current Context: The Reserve Bank of India (RBI) has empaneled CSB Bank as ‘Agency Bank’.
CSB Bank to Perform as ‘Agency Bank’ as per RBI
  • The CSB bank is the private sector lender and now will function as an ‘Agency Bank’ to undertake general banking businesses of central and state governments as per the guidelines framed by RBI.
  • It will now work with various state and central governments to perform the businesses like tax collections, pension payments, stamp duty collections, etc.
  • It will also perform operations like tax deducted at source (TDS), GST, property tax, and VAT.
  • This will allow the CSB bank to offer its services to different government departments. Via its network of 562 branches across the country.
  • The decision will provide its customers to conduct payments to the government from their existing account with the bank itself.
  • Static Part: 
    • HQ of CSB Bank: Thrissur, Kerala
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