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RBL Bank announced that it has been commissioned by the Reserve Bank of India (RBI) as eAgency Bankf to conduct banking activities for central and state governments.
The authorization will allow RBL Bank to manage a wide range of transactions related to government affairs, such as the distribution of grants, pension payments, the collection of central and national taxes, including income tax, excise duties, customs, GST, stamp duty, registration, state excise. (VAT) and business tax, in online and offline mode.
The accreditation follows the RBIf directive authorizing private sector banks programmed as agency banks to conduct specific government-related business transactions.
This will enable RBL Bank to deliver the best technology-enabled digital platforms and products]to government departments and businesses, making their banking journey convenient and transparent.
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(This story was not edited by Business Standard staff and is auto-generated from a syndicated feed.)
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