DCB Bank gets RBI approval to conduct govt related transactions
This empanelment follows the announcement by Finance Ministry in May lifting the embargo on further allocation of government business to privte banks
DCB Bank on Thursday said it has received RBI nod to conduct government-related transactions. The Reserve Bank has empanelled DCB Bank as an agency bank to facilitate banking and payment transactions for the central and state governments, it said in a release.
This empanelment follows the announcement by the Finance Ministry in May 2021 lifting the embargo on further allocation of government business to private sector banks.
Through this arrangement, DCB Bank will carry out specific banking services on behalf of both the central and state governments, while continuing to offer SME, micro SME and individual customers the convenience of routine financial transactions through its advanced banking platform, it said.
“DCB Bank’s focus is SME, micro SME, agri and inclusive banking, we look forward to supporting them by providing access to CBDT, CBIC, GST transactions amongst others,” said Praveen Kutty, Head of Retail Banking, DCB Bank.