All Agency Banks
Period for Submission of Agency
Please refer to our circular no.DGBA.GBD.N0.3262/31.02.007/2016-17 dated
June 15, 2017 through which all agency banks were advised to
submit their agency commission claims to the Reserve Bank of India within
90 days from the end of the quarter during which the transactions have been
2. It has been observed that
agency banks are submitting their claims for the agency commission after
much delay, even though all the agency banks are under core banking system.
This leads to avoidable delays in timely assessment of agency commission
payment by RBI. Accordingly, taking into account the steady increase in the
electronic transactions, especially after the implementation of GST
framework, it has now been decided to reduce the time period allowed to
agency banks to furnish their claim on agency commission to Reserve Bank
from 90 days to 60 calendar days from the end of the quarter in which the
transactions have been conducted. If the banks fail to lodge claims within
the stipulated period mentioned above, Reserve Bank will have the
discretion to reject the claims. This will be applicable for the agency
commission claims for the quarter ended June 30, 2018 onwards.
3. It is also observed that
agency banks are not reporting all the requisite information, as per the
prescribed format, while claiming agency commission from RBI resulting in
gaps and inconsistency in data submission. Thus, agency banks are advised
to scrupulously follow the instructions issued by RBI while submitting the
claims for agency commission in the prescribed format.
4. It is further advised that
the granularity, frequency and process of submission of agency transaction
related data by agency banks is being examined by us and detailed
instructions will be issued to the banks shortly in this regard.