Catholic Syrian Bank Limited abbreviated as CSB Bank Limited, is an Indian non-public sector bank. Its headquarters is at Thrissur, Kerala, India. The bank has an extensive network of 562 branches and has more than 319 ATMs across India.
CSB Bank was established on 26 November 1920. It commenced its business on 1 January 1921 with a paid-up capital of Rs 45,270 and, the authorized capital of Rs 5 lakhs. In the year 1969, the bank became a Scheduled Bank as it was added in the Second Scheduled of Reserve Bank of India Act 1934.
The bank has a total of around 3,204 trained and equipped staff. Mr. Madhavan Aravamuthan is the chairman of the bank. This bank is currently the oldest in Kerala and celebrated its Centenary Year in 2020.
On Tuesday, CSB Bank, a Private Sector lender stated that it has been enlisted as an agency bank by the Reserve Bank of India (RBI) to take up the general banking business of both Central and State Governments. This enrolment will allow the bank to perform the general banking functions of Central and State Government which may be assigned by the RBI, the bank mentioned in the announcement.
The CSB bank is now permitted to enter into an agreement with different Central and State Government departments for businesses like tax collections, collection of stamp duty, pension payment as they are now known as the agency bank of the RBI.
They will also handle the transactions related to Government business like tax deductible at source (TDS), goods and services tax (GST), stamp duty, property tax, registration, value-added tax (VAT), and professional tax, the bank announced.
Narendra Dixit, head of Retail Banking CSB bank shared that this is the best opportunity for them to provide the services to different government departments and, this will pave the way between government-related payment services and customers throughout the nation.
This appointment will help the customers of CSB Bank to have an environment-friendly path to conduct payment to the government from their existing account, Dixit added.
The south-based private sector bank shared that it has been stretching its business by including new product lines and growing the distribution channel through the digital and physical mode.
CSB Bank also mentioned that 85% of the transaction in the bank is performed through the digital mode.
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