The Reserve Bank of India (RBI) has empanelled DCB Bank as an Agency Bank to perform Government related financial transactions. As per this empanelment, DCB Bank will 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 is in sync with the announcement made by the Finance Ministry in May 2021 lifting the embargo on the further allocation of Government business to private sector banks.
Through this arrangement, DCB Bank will be carrying 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 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.