Private sector IndusInd Bank has been a huge success. In fact, it has been approved by the Reserve Bank of India (RBI) to act as an ‘agency bank’. Following the news, shares of IndusInd Bank rose more than three per cent in the stock market.
Meaning of Agency Bank: RBI’s decision strengthens our presence in the government sector, IndusInd Bank said. In addition, IndusInd Bank has joined some of the country’s select private banks to conduct general banking transactions on behalf of the central and state governments. IndusInd Bank is now able to trade revenue receipts under CBDT, CCBIC and GST as an agency bank.
The company is offering 26-week parental leave to all employees
Let us tell you that the RBI has recently issued a guideline. Under this, it is said to authorize private sector banks, like agency banks, to do government business.
IndusInd Bank Share Price: With this news, the bank’s investors have made huge profits. On Tuesday, the bank’s stock closed at Rs.1021.45 with a gain of 3.39%. Talking about the market capitalization of the bank, it is estimated to be worth Rs 79,050 crore.