Karnataka Bank empaneled as agency bank for government business

Karnataka Bank said that it has been empaneled by the Reserve Bank of India to act as an ‘agency bank’ for facilitating transactions associated with government businesses.

As an empaneled agency bank, Karnataka Bank can now carry out the government businesses like revenue receipts and payments on behalf of the central or state governments, collection of stamp duty charges, pension payments in respect of central or state governments, and any other item of work advised specifically by Reserve Bank of India.

Karnataka Bank empaneled as agency bank for government business. Photo courtesy of Free-Photos from Pixabay.

MS Mahabaleshwara — MD and CEO of Karnataka Bank said: “We are privileged to be appointed by the regulator to facilitate transactions pertaining to all kinds of Government led businesses.

“With Pan-India presence, driven by strong & robust technology and digital platforms, we are confident of being the best choice for the Central and State Governments in providing the best possible financial solutions in the most seamless manner. Further, with this arrangement, a level playing field is being ensured and it will augur well in developing a ‘cost lite’ liability portfolio for the Bank.”