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BANKER TO GOVERNMENTS AND BANKS

Like individuals, businesses and banks, the Governments also need a banker to carry out their financial transactions in an efficient and effective manner. Managing Government banking transactions is a key function assigned to the Reserve Bank. On the other hand, banks need their own mechanism to transfer funds and settle inter-bank transactions such as borrowing from and lending to other banks and customer transactions. As the Banker to banks, the Reserve Bank fulfills this role.

(242 kb)
Date : Sep 26, 2019
Remittance of government receipts (physical receipts) to Government account

RBI/2019-20/71
DGBA.GBD.No.661/42.01.011/2019-20

September 26, 2019

All Agency Banks

Dear Sir / Madam

Remittance of government receipts (physical receipts) to Government account

Please refer to the Office Memorandum No. S-11012/1(31)/AC(22)/2015/RBD/332-424 dated March 9, 2016 issued by Office of Controller General of Accounts, Ministry of Finance (copy enclosed) along with our Circulars DGBA.GAD.No.H-11763/42.01.011/2006-07 dated January 24, 2007, DGBA.GAD.No.H-7790/42.01.011/2009-10 dated April 7, 2010 and DGBA.GAD No.H-3203/42.01.011/2014-15 January 21, 2015 on the above subject.

2. O/o CGA, vide OM No. S-11012/2/3(17)/RBI/2018/GBA/1558-1606 dated September 19, 2019 (copy enclosed) has prescribed revised timelines for credit of physical government receipts into government accounts at RBI, in supersession of earlier instructions on this matter.

3. As per the above referred OM, the instructions become effective from October 1, 2019.

4. Agency banks are advised to take necessary action.

Yours faithfully

(Charulatha S. Kar)
Chief General Manager

Encl: As above

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