All Agency Banks
Reporting of Transactions by
agency banks to RBI
It has been brought to our
notice that some agency banks are reporting government transactions after
considerable delay and along with the current transactions to RBI, without
taking necessary authorisation from the concerned government departments.
2. As per the extant
instructions, state government transactions (electronic as well as in
physical mode) of previous month reported after 8th of the succeeding month
and those pertaining to earlier months should be reported to RBI through a
separate statement for accounting, after being confirmed by the competent
authorities of concerned state government.
3. It has now been decided that,
for Central Government transactions (electronic as well as in physical
mode), if the transactions or any adjustments thereof are reported after a
gap of 90 days from the date of transaction, agency banks have to obtain
prior approval from concerned ministry/department and submit the same to
RBI separately at the time of reporting such transactions for settlement.
4. It may be noted that all
instructions related to the timeline to be adhered to, for reporting of
government transactions, remain unchanged.