IndusInd Bank Empanelled As Agency Bank By Ministry Of Finance, Madhya Pradesh

IndusInd Bank today announced that it has been appointed as an authorized ‘Agency Bank’ by the Ministry of Finance, Madhya Pradesh State Government, the company announced through an exchange filing.

This appointment will enable IndusInd Bank for online collection of State Government Revenue and Receipts such as GST and VAT, collection of stamp duty and pension amounts on behalf of the Madhya Pradesh state government.

This arrangement aims to enhance ease for business groups, state government departments and individuals in Madhya Pradesh to make payments to state government conveniently and on a Realtime basis, eliminating the requirement for in-person visits to Bank branches.

"We are privileged to be appointed as an ‘Agency Bank’ by the MP Government for online collection of State Government Revenue and Receipts. At IndusInd Bank, we remain committed to providing digital banking solutions coupled with our state-of-the-art technology platforms. We are confident of being a ‘partner of choice’ for the Government, its enterprises, as well as all other stakeholders in fulfilling their financial aspirations in the most seamless manner," said Soumitra Sen, Head – Consumer Banking and Marketing, IndusInd Bank.

As an empanelled ‘Agency Bank’, IndusInd Bank is now authorised to handle revenue receipts under CBDT, CBIC & GST on behalf of the State Government, work related to Small Savings Schemes (SSS), collection of stamp duty charges, collection of stamp duty from citizens for franking of documents, collection of state taxes such as Professional Tax, VAT, state Excise etc for the Revenue and Receipts transactions for the MP State Government.

IndusInd Bank Shares

The shares of IndusInd on Thursday at 11:28 am IST were at Rs 1,320.05, up by 0.67 per cent.