The Reserve Bank of India (RBI) has revised the number of transactions qualify for agency commission it pays to banks for handling government businesses.
According to the regulator, furnishing of bank guarantees/security deposits, among others by government contractors/suppliers, banking business of autonomous/statutory bodies, capital contributions/subsidies/grants made by governments to cover losses incurred by autonomous / statutory bodies and the pre-funded scheme will not be eligible for payment of agency commission.
According to the regulator, furnishing of bank guarantees/security deposits, among others by government contractors/suppliers, banking business of autonomous/statutory bodies, capital contributions/subsidies/grants made by governments to cover losses incurred by autonomous / statutory bodies and the pre-funded scheme will not be eligible for payment of agency commission.