IndusInd Bank has been approved by the Reserve Bank of India (RBI) to operate as an ‘Agency Bank’.
IndusInd Bank said that the decision of RBI will strengthen our presence in the government sector. With this IndusInd Bank has joined the select few private banks in the country to conduct general banking business on behalf of the Central and State Governments. IndusInd Bank as an agency bank will now be able to transact revenue receipts under CBDT, CCBIC and GST as well.
After this news, the stock of IndusInd Bank saw a rise in the stock market.
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Radhika Goyal is Author of Taxconcept Gurugram head office, for deeply reported tax, gst and income tax articles on issues that matter. He splits her time between New Delhi and Bengaluru, and has worked as a reporter, a podcaster and an editor for publications across India.