CURRENT AFFAIRS

Detailed explanation-1: -Speaking on the development, Mr. Soumitra Sen, Head – Consumer Bank, IndusInd Bank said, “We are honoured to be appointed by the RBI to facilitate transactions pertaining to all kinds of Government led businesses.

Detailed explanation-2: -The IndusInd Bank has been empanelled by the Reserve Bank of India (RBI) to act as an ‘Agency Bank’. As an Agency Bank, IndusInd becomes eligible to carry out transactions related to all kinds of government-led businesses.

Detailed explanation-3: -An agent bank, also known as agency bank, can offer a wide variety of services for businesses looking to expand internationally. These banks generally act on behalf of another bank or group of banks, but they can act on behalf of a person or business.

Detailed explanation-4: -Private sector lender IndusInd Bank has been empanelled by the Reserve Bank of India (RBI) as an ‘Agency Bank’ to facilitate transactions related to government businesses.