Bandhan Bank appointed as RBI’s Agency Bank

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Bandhan CMD - CS Ghosh
Bandhan CMD - CS Ghosh
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Bandhan Bank appointed as RBI’s Agency Bank

The Bank received approval to accept Government business on behalf of the RBI as an Agency Bank

Kolkata, November 1, 2021: The Reserve Bank of India (RBI) has authorised Bandhan Bank as an Agency Bank of the RBI for undertaking Government business.

The appointment would allow Bandhan Bank, one of India’s youngest universal Banks with inclusive banking at its core, to undertake Government business on behalf of the RBI. With this, Bandhan Bank joins ranks with a few other scheduled private sector banks to be empanelled as Agency Banks of the RBI.

As an Agency Bank of the RBI, authorised to undertake government business, Bandhan Bank will be able to handle transactions related to collection of state taxes and revenue receipts such as GST and VAT; collection of stamp duty and pension payments on behalf of central and state governments. The Bank’s extensive branch network, especially in rural and semi-urban areas; state-of-the art products and services; and digital banking capabilities, will help it discharge its duties effectively by bringing governments and citizens closer to each other.

“Since its launch six years ago, Bandhan Bank has been dedicated towards bringing millions of Indians into the fold of formal financial services and catalysing the creation of sustainable livelihoods. The RBI’s decision to authorise Bandhan Bank to undertake Government business as an Agency Bank will further help us contribute to nation-building; and we thank the RBI for this approval. Bandhan Bank enjoys the trust of over 2.4 crore customers and, now, we have the opportunity to serve the government with our banking services. We are indeed grateful for this opportunity.” said Chandra Shekhar Ghosh, Managing Director and Chief Executive Officer, Bandhan Bank.

About Post Author

Suman Munshi

Founder Editor of IBG NEWS (15/Mar/2012- 09/Aug/2018). Recipient of Udar Akash Rokeya Shakhawat Hossain Award 2018. National Geographic & Canon Wild Clicks 2011 jury and public poll winner. Studied Post Graduate Advance Dip in Computer Sc., MBA IT,LIMS (USA & Australia), GxP(USA & UK),BA (Sociology) Dip in Journalism (Ireland), Diploma in Vedic Astrology, Numerology, Palmistry, Vastu Shastra & Feng Sui 25 years in the digital & IT industry with Global MNCs' worked & traveled in USA, UK, Europe, Singapore, Australia, Bangladesh & many other countries. Education and Training advance management and R&D Technology from India, USA, UK, Australia. Over 30 Certification from Global leaders in R&D and Education. Computer Science Teacher, IT & LIMS expert with a wide fan following in his community. General Secretary West Bengal State Committee of All Indian Reporter’s Association
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