Regulatory Alerts2026-04-30
Added · Updated
Reserve Bank of India Directions on Conduct of Government Business by Agency Banks, 2026
The Directions apply to all Agency Banks, including Public Sector Banks, scheduled Private Sector Banks, scheduled Payments Banks, and scheduled Small Finance Banks, governing the appointment, operational conduct, and oversight of their government business activities. They establish eligibility criteria for Agency Bank appointments, define eligible and ineligible transactions for agency commission, and set specific commission rates effective April 1, 2025, such as ₹40 per physical receipt transaction and ₹80 per pension payment. The document mandates strict reporting timelines, requiring daily uploads of luggage files by 1800 hours for certain tax collections and submission of commission claims within 60 days of the quarter's end, while imposing penal interest for non-compliance or wrong claims.
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