RBL Bank Authorised by RBI to Collect Indirect Taxes

RBL Bank has been authorized by the Reserve Bank of India (RBI), based on a recommendation from the Controller General of Accounts, Ministry of Finance and Government of India (GoI), to collect indirect taxes on behalf of the Central Board of Indirect Taxes and Customs (CBIC).

The Bank had recently been authorised to collect Direct taxes on behalf of the Central Board of Direct Taxes (CBDT). With this announcement, the Bank can now collect Direct and Indirect taxes.

The private lender in a tweet said, "RBL Bank and Central Board of Direct Taxes signed Memorandum of Understanding (MoU) for collection of Direct Taxes. #ApnoKaBank"

After technical integration, RBL Bank's corporate and individual customers will be able to pay their Indirect taxes through RBL Bank's mobile banking or net banking platforms as well as through the branch banking network.

RBL Bank is one of India's leading private sector banks with an expanding presence across the country. The Bank offers specialized services under five business verticals namely: Corporate & Institutional Banking, Commercial Banking, Branch & Business Banking, Retail Assets and Treasury and Financial Markets Operations.

It currently services over 9.97 million customers through a network of 445 branches, 1,435 business correspondent branches (of which 271 banking outlets) and 386 ATMs spread across 28 Indian states and Union Territories.

Shares of RBL Bank Limited closed at Rs 179.40 per share at the BSE as compared to the previous close of Rs 187.20 per share. The stock hit an intraday high of Rs 188 and an intraday low of 178.85.