RBI empanels CSB Bank to undertake banking biz

CSB Bank has been empanelled as an agency bank by the RBI to undertake general banking business of central and state governments. This appointment will allow CSB Bank to undertake general banking business of the central and state governments which may be entrusted by RBI, the bank said in a statement.

The bank said, “As an agency bank of the RBI, CSB Bank is now authorized to enter into an agreement with different state governments and central government departments for businesses such tax collections, pension payment, collection of stamp duty”.

It will also enable CSB Bank to handle a wide range of transactions related to government business, such as TDS, GST, stamp duty, registration, property tax, value added tax and professional tax.

Narendra Dixit, retail banking head at CSB Bank said, “This is good opportunity for us offer our services to various government departments. With our extensive network of 562 branches across the nation, this appointment will ease the routes between government related payment services and our clients”.

This facility shall provide the bank’s customers with an efficient path to conduct payments to the government from their existing account with CSB Bank, Dixit added.