Conduct of Government Business by Agency Banks - Payment of Agency Commission- (Reserve Bank of India) (13 Aug 2015)
The Reserve Bank of India issued a clarification on activities that do not come under the purview of agency bank business and are not eligible for payment of agency commission. Some such activities notified are: furnishing of bank guarantees/security deposits through private sector banks by government contractors/suppliers; banking business of autonomous/statutory bodies; capital payments by governments for losses incurred by autonomous/statutory bodies; and, prefunded schemes implemented by Central Ministry/Department or State Department without reference to the RBI.
Relevant : Master Circular - Agency Commission on conduct of Government Business MANU/RMIC/0324/2015
Tags : AGENCY COMMISSION GOVERNMENT BUSINESS BANKS