Central Accounts Section of Reserve Bank Means

Posted on 22 April 2023 Category : Indian Tax Terms

What is Central Accounts Section of Reserve Bank

Central Accounts Section (CAS) of Reserve Bank

This post explains about Central Accounts Section (CAS) of Reserve Bank

Department of Government and Bank Accounts

The Department of Government and Bank Accounts(DGBA) is responsible for discharging certain core traditional central banking functions, viz., acting as bankers to the Government and banks and managing public debt of both, central and state governments. It is also responsible for maintenance of the Reserve Bank's internal accounts and compilation of its weekly and annual accounts.

The general banking business including management of public debt of the central and state governments has devolved on the Reserve Bank by virtue of the provisions of Reserve Bank of India Act, 1934 and agreements with the respective governments. These functions are carried out on a day-to-day basis through the Reserve bank's its Public Accounts Departments, Deposit Accounts Department and Public Debt Offices and the agency bank branches.

Organisational set-up

At Central Office, DGBA is divided into four divisions:

Bank Accounts Division:

i. Maintains internal accounts of the Bank including preparation of weekly statement of affairs of the Bank and the annual profit and loss account/ balance sheet of the Bank as per the provisions of RBI Act and the RBI General Regulations, and

ii. Supervises and controls Deposit Accounts Departments of the Bank.

Central Debt Division:

(i) Attends to the management of Public Debt of Central and State Governments,

(ii) Oversees the work of 15 Public Debt Offices at the regional offices of the Bank,

(iii) Assists the government in formulation of special savings schemes of the central government, such as, Relief Bonds, Special Deposit Scheme, Public Provident Fund Scheme and subsequent monitoring of these schemes, and (iv) maintains the central accounts of the public debt of the central/state loans and loans of the associate financial institutions.

Government Accounts Division:

(i) Supervises and controls the working of the Public Accounts Department and the Central Accounts Section, Nagpur,

(ii) Reviews, updates and implements the procedure/s for reporting and accounting of transactions of central/state governments, and

(iii) Makes banking arrangements for the government business at all centres.

Central Accounts Section, Nagpur:

(i) Maintains principal accounts of central and state governments,

(ii) Grants ways and means advances to central and state governments,

(iii) Invests surplus funds of central and state governments, and

(iv) Clears all remittance transactions for central and state governments departments under RBIRFS.

Relationship of DGBA with Ministry of Finance

DGBA interacts with Ministry of Finance in regard to

i. Maintaining and reconciling the central accounts of the public debt of the Government of India,

ii. Lodging claims for issue and management commission,

iii. Interacting with the government in respect of issue, servicing and repayment of Government loans on due dates,

iv. Advising the government on schemes for individual investors (Relief Bonds, Gold Bonds, etc.)

v. Advising the government on all matters arising from administration of Public Debt Act and Rules.

Customer Service

DGBA monitors disposal of the complaints received from the members of public regarding unsatisfactory services rendered by various departments of the Reserve Bank and issues instructions in connection with payment of pension to retired government employees.

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