Currently, some Banks are
routing their agency transactions of state governments through another agency
bank ( Aggregator), which in turn settles these agency transactions with RBI for
both receipts and payments. Both the banks share the eligible agency commission
on such transactions.
It has now been decided that
all agency banks should settle their transactions for both funds and commission
directly with RBI instead of routing them through the aggregator.
Agency Transaction details/scrolls may be sent directly by
individual agency bank to the concerned State Government/Treasury.
The new arrangement
will be with effect from January 1, 2018.
Based on RBI notification Dated
7/12/17. For any further clarification in the matter refer www.rbi.org.in ............Poppy
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