Appointment of Scheduled Private Sector Banks as Agency Banks of Reserve Bank of India

It has now been decided in consultation with the Department of Financial Services, Ministry of Finance, Government of India, to make scheduled payments banks and scheduled small finance banks eligible to conduct Government agency business. Any payment bank or small finance bank that intends to undertake Government agency business may be appointed as an agent of the Reserve Bank of India (RBI) upon execution of an agreement with the RBI, provided that the overarching regulatory framework prescribed for these banks is complied with.

All the instructions/conditions prescribed in the RBI Circular dated 10 May 2021 will henceforth be applicable to the scheduled payments banks and scheduled small finance banks also.