IndusInd Bank empanelled as agency bank to RBI

Non-public sector lender IndusInd Financial institution has been empanelled by the Reserve Financial institution of India (RBI) as an ‘Company Financial institution’ to facilitate transactions associated to authorities companies.

It may possibly now be authorised to deal with transactions associated to authorities companies equivalent to revenue tax, oblique taxes and items and companies tax funds, pension funds, work associated to small financial savings schemes, assortment of stamp obligation fees, assortment of stamp obligation from residents for franking of paperwork and in addition assortment of State taxes equivalent to skilled tax, value-added tax and State excise duties.

“Given IndusInd Financial institution’s unique suite of companies comprising revolutionary and cost-effective options, coupled with our state-of-the-art expertise platforms, we’re assured of being a ‘companion of selection’ for the federal government, its enterprises, in addition to stakeholders in fulfilling their monetary aspirations in a seamless method,” stated Soumitra Sen, Head – Client Financial institution, IndusInd Financial institution.

Additionally learn: IndusInd Bank net profit surges 111.7% in Q1

Finance Minister Nirmala Sitharaman had on February 24 this yr introduced that the embargo on grant of presidency enterprise to personal banks has been lifted.

The RBI had then notified pointers for the appointment of scheduled personal sector banks as company banks.

This was seen as a big profit for mid and small-sized personal sector lenders as earlier solely the three massive personal sector banks other than public sector banks had been permitted to do authorities enterprise equivalent to deposits, public provident fund and Sukanya Samriddhi accounts, tax funds and pension funds, amongst different initiatives.

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