Bandhan Bank will now be recognized as the agency Bank that will have the accessibility to manage government taxes, GST, VAT, and revenue-related transactional work. RBI has confirmed this news that from now we have given the authority to Bandhan Bank to manage the government business transaction.
Bandhan Bank as an RBI’s Agency Bank will also handle the stamp duty collection, pension paychecks, both central and state government business. Banks have developed many digital products and improvised the services, and capabilities to make things easily accessible from any medium for all the customers.
With this announcement, Bandhan Bank has become the 5th member that will undertake government business activities on behalf of RBI.
In the Past Few months, RBI has given this accessibility to many other private banks who will participate in the role of Agency Bank and handle the digital transactions using their digital products and services for customers.
5 Private Banks authorized as Agency Banks by RBI
- ICICI Bank Ltd.
- IDBI Bank Ltd
- HDFC Bank Ltd
- UTI Bank Ltd.
- Bandhan Bank
Bandhan Bank has started its journey as a non-profit enterprise in the year 2001 and in 2015 it has certified as a full-fledged bank and now after waiting for 6years RBI has been given the opportunity to conduct government business operations using digital banking products and services. Till now, 2.5 crore customers are associated with the Bandhan Bank that are accessing the services.