IndusInd Bank, the private sector lender announced that it has been authorised by the Reserve Bank of India (RBI) for collection of Direct and Indirect Taxes, on behalf of the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC).
The authorization has been awarded basis a recommendation from the Controller General of Accounts as well as the Ministry of Finance (Govt. of India), and comes close on the heels of the Bank being appointed as an 'Agency Bank' of the RBI to conduct government business.
With this, IndusInd Bank customers will soon be able to pay their Direct and Indirect taxes through the Bank's state-of-the-art digital platforms such as 'Indusnet' - its net banking platform and 'IndusMobile' - its mobile banking application. Additionally, customers can even walk into their nearest branch to avail this service.
Speaking on the development, Soumitra Sen, Head - Consumer Bank, IndusInd Bank said, "We are delighted to be authorised by the RBI to facilitate the collection of direct and indirect taxes on behalf of the Government. As a responsible financial entity, this empowers us to offer customers with a comprehensive platform to pay their taxes in a convenient and seamless manner. Backed by the strength of our best-in-class technology channels, we look forward to bringing unparalled value to all our partner stakeholders, in their effort to widen the tax collection network."
Shares of the company gained Rs 0.65, or 0.05%, to trade at Rs 1,183. The total volume of shares traded was 50,917 at the BSE (1.32 p.m., Wednesday).