CURRENT AFFAIRS

Detailed explanation-1: -Reserve Bank of India (RBI) has announced the empanelment of CSB Bank, a private sector lender as an ‘Agency Bank’. Through this appointment, the CSB Bank will undertake the general banking business of the central and state governments under the guidelines set by the RBI.

Detailed explanation-2: -It was in the year 1969 that the Bank became a Scheduled Bank, as it was included in the Second Schedule of Reserve Bank of India Act. In 1972, it came out of its traditional bastion and opened its first branch in Chembur, Mumbai.

Detailed explanation-3: -Reserve Bank of India is the banker and debtor of India’s central and state governments. Reserve Bank of India is the banker of all state governments except Sikkim.