RBI raises agency commission rate for banks conducting government business

The Reserve Bank of India (RBI) has hiked the agency commission for banks conducting government business such as revenue receipts and payments, pension payments, among others. The central bank noted that revised agency commission rate for banks putting through revenue receipt and payment transactions on behalf of the Central/State Governments in electronic (e-) mode has been upped to Rs 12 per transactions against Rs 9. It further stated that commission rate for revenue receipt and payment transactions in the physical mode remains unchanged at Rs 40 per transaction. In the case of pension payments in respect of Central / State Governments, the agency commission has been increased to Rs 80 per transaction against Rs 75. According to RBI, for payments other than pension, the agency commission has been raised to 7 paise per Rs 100 turnover from 6.5 paise previously.

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