RBI permits payments banks and small finance banks to conduct Government agency business

The RBI, in consultation with the Department of Financial Services, Ministry of Finance, has decided to make scheduled payments banks and scheduled small finance banks eligible to conduct Government agency business. Any payment bank or small finance may be appointed as an agent of RBI upon execution of an agreement with RBI, subject to compliance with an overarching regulatory framework. Earlier, RBI made private bank banks eligible to conduct Government agency business.The RBI, in consultation with the Department of Financial Services, Ministry of Finance, has decided to make scheduled payments banks and scheduled small finance banks eligible to conduct Government agency business. Any payment bank or small finance may be appointed as an agent of RBI upon execution of an agreement with RBI, subject to compliance with an overarching regulatory framework. Earlier, RBI made private bank banks eligible to conduct Government agency business.taxmann.com Latest Statutory HappeningsRead More

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