"The purpose of the informal meetings would be to maintain a line of communication with the agency bank and to have first-hand information and feedback on government business being conducted by it.
The scope of the review/inspection will now also cover government business at the Head Offices of agency banks. Various branches and Centralised Pension Processing Centres (CPPCs) will continue to be visited as hitherto.
That's why politics is still a driving force in corporate finance, says Patricio Baus, general manager for Ecuador at the risk-ratings
agency Bank Watch, a unit of the Fitch ratings agency.
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.
The
agency banks are compensated at Rs 65 per transaction for handling pension computation, payment and related services on behalf of central and state governments.
The banking regulator has designated 29 public and private sector banks as
agency banks to accept payments of income-tax dues.
