To resolve complications and ease financial year closure, the Reserve Bank of India, Insurance Regulatory Development Authority of India (IRDAI) and the Income Tax Department have made March 31 as a working day.
India's Reserve Bank, Insurance Regulatory Development Authority, and Income Tax Department have declared March 31 as a working day to facilitate timely financial transactions and tax obligations.
The RBI has designated 33 agency banks to remain operational on this significant date. The list includes 12 public sector banks like State Bank of India (SBI) and Bank of Baroda (BoB), along with 20 private sector banks such as HDFC Bank Ltd and ICICI Bank Ltd.
Canara Bank customers can now earn a better return on fixed deposits. The bank has come out with a special fixed deposit scheme under which it s offering a return of 7.5 per cent. The bank launched its special fixed deposit scheme on October 11.
Performance of Banks on Govt schemes to be monitored for continuation as Agency Banks
May 10, 2021
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Scheduled private sector banks (PvSBs) intending to handle government agency business as agency banks of the Reserve Bank of India (RBI) can do so upon execution of an agreement with the latter.
This will be subject to the condition that the concerned bank is not under Prompt Corrective Action (PCA) framework or moratorium at the time of making the application or signing of the agreement with RBI.
Revised guidelines
The central bank on Monday issued “revised guidelines/ framework for authorising Scheduled PvSBs as agency banks of RBI for conduct of government business attracting agency commission” following lifting of the embargo put in place from September 2012 by Department of Financial Services (DFS), Ministry of Finance (MoF) on further allocation of Government business to private sector banks.