Question

    In November 2021, the RBI has authorised _______ as its

    agency bank for undertaking government businesses.
    A PNB Correct Answer Incorrect Answer
    B Bandhan Bank Correct Answer Incorrect Answer
    C YES bank Correct Answer Incorrect Answer
    D Federal Bank Correct Answer Incorrect Answer
    E South Indian Bank Correct Answer Incorrect Answer

    Solution

    The Reserve Bank of India (RBI) has authorised Bandhan Bank as its agency bank for undertaking government businesses. It will allow the bank to undertake government businesses on behalf of the RBI. As an agency bank of the RBI, authorised to undertake government business, the bank will be able to handle transactions related to collection of state taxes and revenue receipts such as the GST and VAT; collection of stamp duty and pension payments on behalf of the central and state governments.

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