Kotak Mahindra Bank has become the first scheduled private sector bank to receive approval from the government for collection of direct and indirect taxes, such as income tax, Goods and Services Tax (GST) etc, through its banking network.
It is the first bank to receive permission after the announcement by Finance Minister Nirmala Sitharaman allowing all banks to participate in government-related business.
After technical integration, KMBL customers will be able to pay their direct and indirect taxes straight from KMBL's mobile banking or net banking platforms as well as through KMBL's branch banking network, resulting in immense ease and convenience for customers, the bank said in a statement.
Kotak Mahindra Bank's Joint Managing Director, Dipak Gupta said: "We are delighted to receive the necessary approvals permitting Kotak to collect direct and indirect taxes on behalf of the government, making tax payments more simple, convenient and efficient for our customers."
(With IANS inputs)
(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)