Karnataka Bank said that the bank is empanelled by the Reserve Bank of India to act as an "Agency Bank" to facilitate transactions related to Government businesses.
As an empanelled "Agency Bank", Karnataka Bank is now authorised to undertake the Government businesses such as Revenue receipts and payments on behalf of the Central/State Governments, Pension payments in respect of Central / State Governments, Collection of stamp duty charges and also any other item of work specifically advised by Reserve Bank of India.
Speaking on the development, Mahabaleshwara M S, MD & CEO of Karnataka Bank said, "With Pan-India presence, driven by strong & robust technology and digital platforms, we are confident of being the best choice for the Central and State Governments in providing the best possible financial solutions in the most seamless manner."
Shares of Karnataka Bank rose 0.16% to settle at Rs 60.30 on Friday, 6 August 2021.
Karnataka Bank is a scheduled commercial bank.
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