Bandhan Bank to undertake Activities related to State Govt.
Government of West Bengal
Finance Department
Audit Branch
No. 7791-F(Y) Dated, 9th November, 2015
Memorandum
Bandhan Bank Ltd., a Private Sector Bank, has been authorised by Reserve Bank of India to undertake the following activities related to the State Government.
- Furnishing of Bank guarantees/security deposits etc., through banks by Government Contractors/ Suppliers, which constitute banking transactions undertaken by the Banks for their customers;
- The Banking business of autonomous/statutory bodies;
- Payments of a capital nature such as capital contributions/subsidies/grants made by Governments to cover losses incurred by autonomous/statutory bodies; and,
- The pre-funded schemes which may be implemented by a Central Government Ministry/Department (in consultation with CGA) and a State Government Department through any bank without reference to RBI.
Therefore, the undersigned is directed to authorise Bandhan Bank Ltd., having its registered office at DN-32, Sector-V, Salt Lake City, Kolkata-700091, which has been included in the second schedule of RBI Act, 1934, to do the following business which does not constitute the agency function of the State Government.
- Issuing Bank guarantees for security deposits, etc., to be furnished by Government Contractor/Suppliers.
- Opening of Bank Accounts by autonomous/statutory bodies for financial business.
- Opening of a scheme related Bank account where the scheme fund is authorised to be drawn and credited to a bank account opened for the purpose.
The terms and conditions of FD memo. no. 675-F dt. 22.01.2008, 585-F(Y) dt. 21.01.2013 and 2261-F(Y) dt. 15.03.2013 will apply for opening of bank account and its operation at Bandhan Bank as well.
This order will take immediate effect.
Sd/- H.K. Dwivedi
Principal Secretary to the
Government of West Bengal