Monday , September 20 2021

RBL Bank surges after the bank accredited as ‘Agency Bank’ to RBI

RBL Bank is currently trading at Rs. 176.10, up by 3.10 points or 1.79% from its previous closing of Rs. 173.00 on the BSE.

The scrip opened at Rs. 173.70 and has touched a high and low of Rs. 177.40 and Rs. 166.65 respectively. So far 1404299 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 274.00 on 08-Jan-2021 and a 52 week low of Rs. 156.00 on 24-Sep-2020.

Last one week high and low of the scrip stood at Rs. 183.75 and Rs. 166.65 respectively. The current market cap of the company is Rs. 10440.43 crore.

The Institutions and Non-Institutions held 55.69% and 44.30%, stake in the Bank respectively.

RBL Bank has been empanelled by the Reserve Bank of India (RBI) as an ‘Agency Bank’ to conduct banking business for the Central and State Governments. The authorisation will enable RBL Bank, to handle a broad range of transactions related to government business, such as distributing Subsidies, Pension payments, collecting Central and State taxes including Income Tax, Excise Duties, Customs, GST, Stamp Duty, Registration, State Excise (VAT) and professional tax, in both online and offline modes.

The accreditation comes on the heels of the RBI’s guideline authorising scheduled private sector banks as Agency Banks to carry out specific government‐related business transactions. It will allow RBL Bank to offer best‐in‐class tech‐enabled platforms and digital products to government departments and enterprises, thereby making their banking journey convenient and seamless.

RBL Bank operates as a scheduled commercial bank. The bank offers its services under the five business verticals including corporate and institutional banking, commercial banking, retail banking, agri and development banking and financial markets. The bank was founded in 1943 and is based in Kolhapur, Maharashtra.

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