RBI Notifies Master Circular Consolidating Important Instructions on Conduct of Government Business by Agency Banks
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- Last Updated on 3 April, 2024
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Circular No. RBI/2024-25/07CO.DGBA.GBD.No.S2/31-12-010/2024-2025, Dated: 01.04.2024
The RBI has now revised and updated the Master Circular which consolidates important instructions on Conduct of Government Business by Agency Banks – Payment of Agency Commission. Circular prescribes the government transactions eligible and ineligible for agency commission, reporting of transactions by agency banks to RBI, and Rates for agency commission. Further, Agency banks will be liable to pay penal interest at Bank Rate plus 2% for any wrong claims of agency commission settled.
Click Here To Read The Full Circular
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