IndusInd Bank, Karur Vysya Bank, Kotak Mahindra Bank share prices gain after RBI nod to collect taxes
The RBI has allowed the three banks to collect direct taxes on behalf of the Central Board of Direct Taxes and indirect taxes on behalf of the Central Board of Indirect Taxes and Customs
October 13, 2021 / 11:46 AM IST
IndusInd Bank, Karur Vysya Bank and Kotak Mahindra Bank share prices were up intraday on October 13 after the Reserve Bank of India (RBI) allowed the two lenders to collect direct and indirect taxes.
The RBI has authorised Karur Vysya Bank to collect direct taxes on behalf of the Central Board of Direct Taxes (CBDT), the company said in a press release.
Karur Vysya Bank had initiated the integration process with CBDT. Once completed, the bank's customers would be able to remit their direct taxes through any branch, net banking and DLite Mobile app of the bank.
“It has been the long-standing requirement of our customers that they should be able to pay their direct taxes through our bank. We are happy that we will be in a position to offer this service to our customers,” Karur Vysya Bank Managing Director & CEO B Ramesh Babu said.
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Induslnd Bank has been authorised to collect direct and indirect taxes on behalf of the CBDT and the Central Board of Indirect Taxes and Customs (CBIC), the company's release said.
Induslnd Bank customers would soon be able to pay their direct and indirect taxes through the bank's digital platforms, including Indusnet, the net banking platform, and mobile application IndusMobile. Customers can also avail the services at their nearest branch.
Kotak Mahindra Bank also received approvals to collect direct and indirect taxes such as income tax and Goods and Services Tax (GST) through its banking network.
At 1053 hours IndusInd Bank was quoting at Rs 1,185.70, up Rs 3.35, or 0.28 percent and Karur Vysya Bank was at Rs 49.10, up Rs 0.65, or 1.34 percent on the BSE.
Kotak Mahindra Bank was quoting at Rs 2,003.95, up Rs 9.80, or 0.49 percent on the BSE.