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RBL Bank gets RBI nod to collect direct taxes

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The private lender said it will provide online and offline platforms to its customers for payment of taxes.

RBL Bank has been authorised by the Reserve Bank of India (RBI), based on recommendation from the Controller General of Accounts, Ministry of Finance and Government of India (GoI), to collect direct taxes on behalf of the Central Board of Direct Taxes (CBDT).

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

Parool Seth - Head - Financial Institutions and Government Banking, RBL Bank, said: "We are pleased to be entrusted with this important mandate, which will help us enhance our bouquet of services and open up multiple convenient channels for our customers to pay taxes. This move will certainly be a step forward in reinforcing our customer-centric approach. We look forward to working closely with the GoI and the RBI for the smooth deployment of this facility and offering a wide range of services that redefine banking journeys based on our technical and digital capabilities."

RBL Bank's net profit declined 78.63% to Rs 30.80 crore on 2.10% rise in total income to Rs 2,567.65 crore in Q2 FY22 over Q2 FY21.

RBL Bank 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 were down 0.92% at Rs 205.55 amid a broader selloff.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, November 18 2021. 14:09 IST