Reporting of Transactions by agency banks to RBI- (Reserve Bank of India) (30 Nov 2017)

MANU/RMIC/0158/2017

Banking

It has been brought to our notice that some agency banks are reporting government transactions after considerable delay and along with the current transactions to RBI, without taking necessary authorisation from the concerned government departments.

2. As per the extant instructions, state government transactions (electronic as well as in physical mode) of previous month reported after 8th of the succeeding month and those pertaining to earlier months should be reported to RBI through a separate statement for accounting, after being confirmed by the competent authorities of concerned state government.

3. It has now been decided that, for Central Government transactions (electronic as well as in physical mode), if the transactions or any adjustments thereof are reported after a gap of 90 days from the date of transaction, agency banks have to obtain prior approval from concerned ministry/department and submit the same to RBI separately at the time of reporting such transactions for settlement.

4. It may be noted that all instructions related to the timeline to be adhered to, for reporting of government transactions, remain unchanged.

Tags : RBI AGENCY BANKS TRANSACTIONS