RBL Bank has been empanelled by the Reserve Bank of India (RBI) as an ‘Agency Bank’ to conduct banking business for the Central and State Governments. The authorisation will enable RBL Bank, to handle a broad range of transactions related to government business, such as distributing Subsidies, Pension payments, collecting Central and State taxes including Income Tax, Excise Duties, Customs, GST, Stamp Duty, Registration, State Excise (VAT) and professional tax, in both online and offline modes.
The accreditation comes on the heels of the RBI’s guideline authorising scheduled private sector banks as Agency Banks to carry out specific government?related business transactions. It will allow RBL Bank to offer best?in?class tech?enabled platforms and digital products to government departments and enterprises, thereby making their banking journey convenient and seamless.
RBL Bank operates as a scheduled commercial bank. The bank offers its services under the five business verticals including corporate and institutional banking, commercial banking, retail banking, agri and development banking and financial markets. The bank was founded in 1943 and is based in Kolhapur, Maharashtra.
