Agency bank

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Agency bank

A form of organization commonly used by foreign banks to enter the US market. An agency bank cannot accept deposits or extend loans in its own name; it acts as agent for the parent bank. It is also the financial_institution that issues ADRs to the general market.

Agency Bank

A separately incorporated branch of a foreign bank inside the United States. Agency banks cannot make loans or take deposits in their own name; rather, they do so on behalf of the parent bank in the foreign country. They also are the main issuers of American Depository Receipts.
References in periodicals archive ?
GSTN has tied up with 25 agency banks authorised by the RBI to collect taxes, he said.
Most of the agency banks designated to collect the dues also have online payment facilities to pay taxes.
It has also stated that assessees can use alternate channels like select branches of agency banks or the facility of online payment of taxes offered by these banks.
The banking regulator has designated 29 public and private sector banks as agency banks to accept payments of income-tax dues.
manufacturer Weetabix brand Weetos bars agency Banks Hoggins O'Shea budget undisclosed
With a view to providing greater convenience to tax payers, it has been decided that all designated branches of agency banks and RBI Offices conducting government business will keep their counters open for full day on March 30, 2016 and till 8.
The Agency Banks are given agency commissions or turnover commissions by the country s apex lender for management business on behalf of the Government.
In order to facilitate the payment of taxes by the tax-payers before the close of the Financial Year 2013-14, the Reserve Bank of India (RBI) has decided on request of Central Board of Direct Taxes (CBDT) that all agency banks shall keep open the counters of their designated branches conducting Government Business on Saturday, March 29, 2014.
Also, the RBI states that assessees will be able to use alternate channels like select branches of agency banks or the facility of online payment of taxes offered by these banks.