Reserve Bank of India (RBI) has empanelled Non-public sector lender DCB Bank as an ‘Agency Bank’ to facilitate banking and cost transactions for Centre and the state governments.
Context
Reserve Bank of India (RBI) has empanelled Non-public sector lender DCB Bank as an ‘Agency Bank’ to facilitate banking and cost transactions for Centre and the state governments.
Key-highlights
- DCB Bank will carry out 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’s focus on
- Small and Medium Enterprises (SME)
- Micro SME
- Agriculture
- Inclusive banking
- individual customers
Agent Banks
- Agent bank refers to a bank that is authorised to act on behalf of an individual or an entity.
- Agent banks cater to the needs of both individuals as well as businesses through a wide range of services.
- They have different types of service offerings and are willing to partner with the customer on a variety of services.
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