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DCB Bank empanelled as Agency Bank by RBI to facilitate Government related transactions

DCB Bank empanelled as Agency Bank by RBI to facilitate Government related transactions 1

Mumbai, August 16,2021: In its effort to expand service offering for SME, Micro SME and individual customers, DCB Bank announced that it had been empanelled by the Reserve Bank of India (RBI) as an ‘Agency Bank’ to facilitate banking and payment transactions for the Central and State Governments. These include revenue receipts, CBDT, CBIC & GST, Pension payment and Small Savings Scheme.

This empanelment comes on the heels of the announcement by the Finance Ministry in May 2021 lifting the embargo on further allocation of Government business to private sector banks.

Through this arrangement, DCB Bank will carry out all specific banking services on behalf of both the Central and State governments, while continuing to offer SME, Micro SME and individual customers the convenience of routine financial transactions through its advanced banking platform.

DCB Bank Head of Retail Banking Mr. Praveen Kutty, said, DCB Bank, is delighted to be appointed Agency Bank by the Reserve Bank of India to facilitate transactions with regards to Government transactions in the banking space. DCB Bank’s focus are SME, Micro SME, Agri & Inclusive banking, we look forward to support them by providing access to CBDT, CBIC, GST transactions amongst others. The RBI empanelment complements our strategic focus on the SME business where we offer customised, cost-effective and innovative solutions to SMEs, enabling them to achieve their business goals and fulfil their financial aspirations.”

As an empanelled Agency Bank, DCB Bank is now authorised to handle unique transactions on behalf of the State and/or Central Government that will offer convenience and seamless banking experience.

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