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Are Agency banks compensated for conduct of Central/State Government business?

April 26, 2017agency Banks Business Compensated conduct government State

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Are Agency banks compensated for conduct of Central/State Government business?

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The accredited banks are paid remuneration by RBI for conduct of State/Central Government transactions. Such remuneration is called Agency Commission. The rates of agency commission applicable at present (from 1.7.2005) are as under: 1. Receipts Rs.45 per transaction 2. Payments other than pension 9 Paise per Rs.100/- turnover 3.