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RBI sets agency-bank commission and oversight directions

Agency banks must update government-business claims and reporting controls now

Financial Services
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India's RBI issued agency-bank directions covering government-business commission rates, transaction reporting, audit controls and oversight, effective immediately.
Why it matters
Agency banks must follow revised eligibility, reporting and commission-claim rules for Central and State government business. Wrong settled agency-commission claims now attract penal interest at Bank Rate plus 2%. GST, ICEGATE and TIN 2.0 luggage files must upload to e-Kuber by 1800 hours on applicable days.
Implications
  • — Agency-bank government-business teams must submit agency-commission claims within 60 calendar days from quarter-end.
  • — Agency-bank reporting teams must upload GST, ICEGATE and TIN 2.0 luggage files by 1800 hours in RBI systems.
  • — Agency-bank audit teams must verify commission-claim accuracy because wrong settled claims attract Bank Rate plus 2% penal interest.

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