The Reserve Bank of India (RBI) has yesterday allowed IndusInd Bank to collect Direct and Indirect Taxes on the direction 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," IndusInd Bank has said in a statement.
Customers of IndusInd Bank will be allowed to pay their Direct and Indirect Taxes using the bank's digital channels, including "Indusnet," its net banking portal, and "IndusMobile," its mobile banking application, as well as by visiting their local bank branch to they can take advantage of the service.
Speaking on the development, Mr. 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 unparalleled value to all our partner stakeholders, in their effort to widen the tax collection network."
IndusInd Bank has 2,015 branches/banking outlets and 2,870 ATMs scattered in 760 geographical areas as of June 30, 2021. And the bank has been granted a domestic rating of CRISIL AA + for Infra Bonds program, CRISIL AA for Additional Tier I Bonds program, CRISIL A1+ for certificate of deposit program / short term FD programme, IND AA+ for Senior bonds program by India Ratings and Research, IND AA for Additional Tier I Bonds program by India Ratings and Research and IND A1+ for Short Term Debt Instruments by India Ratings and Research.