SC: Under RTE Act, States Cannot Justify Low Teacher Pay by Citing Centre’s Failure to Release Funds  ||  Supreme Court: While a Child’s Welfare is Paramount, It is Not the Sole Factor in Custody Disputes  ||  Supreme Court: High Court Cannot Reject a Plaint While Exercising Jurisdiction under Article 227  ||  SC: Merely Leasing an Apartment Does Not Bar a Flat Buyer’s Consumer Complaint Against the Builder  ||  Delhi HC: Unproven Adultery Allegations Cannot be Used to Deny Interim Maintenance under the DV Act  ||  Bombay HC: Storing Items in a Fridge isn’t Manufacturing and Doesn’t Make Premises a Factory  ||  Kerala HC: Disability Pension is Not Payable if the Condition is Unrelated to Military Service  ||  Supreme Court: Award Valid Even If Passed After Mandate Expiry When Court Extends Time  ||  Jharkhand HC: Regular Bail Plea During Interim Bail is Not Maintainable under Section 483 BNSS  ||  Cal HC: Theft Claims and Public Humiliation Alone Don’t Amount To Abetment of Suicide U/S 306 IPC    

Period for Submission of Agency Commission Claims- (Reserve Bank of India) (12 Jul 2018)

MANU/RMIC/0060/2018

Banking

Please refer to our circular no.DGBA.GBD.N0.3262/31.02.007/2016-17 dated June 15, 2017 through which all agency banks were advised to submit their agency commission claims to the Reserve Bank of India within 90 days from the end of the quarter during which the transactions have been conducted.

2. It has been observed that agency banks are submitting their claims for the agency commission after much delay, even though all the agency banks are under core banking system. This leads to avoidable delays in timely assessment of agency commission payment by RBI. Accordingly, taking into account the steady increase in the electronic transactions, especially after the implementation of GST framework, it has now been decided to reduce the time period allowed to agency banks to furnish their claim on agency commission to Reserve Bank from 90 days to 60 calendar days from the end of the quarter in which the transactions have been conducted. If the banks fail to lodge claims within the stipulated period mentioned above, Reserve Bank will have the discretion to reject the claims. This will be applicable for the agency commission claims for the quarter ended June 30, 2018 onwards.

3. It is also observed that agency banks are not reporting all the requisite information, as per the prescribed format, while claiming agency commission from RBI resulting in gaps and inconsistency in data submission. Thus, agency banks are advised to scrupulously follow the instructions issued by RBI while submitting the claims for agency commission in the prescribed format.

4. It is further advised that the granularity, frequency and process of submission of agency transaction related data by agency banks is being examined by us and detailed instructions will be issued to the banks shortly in this regard.

Tags : SUBMISSION   AGENCY COMMISSION   CLAIMS  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved