RBI authorizes Karur Vysya Bank to collect direct taxes for CBDT; Stock ends up 2%– nixatube

RBI authorizes Karur Vysya Bank to collect direct taxes for CBDT; Stock ends up 2%

Karur Vysya Bank

The Reserve Bank of India has authorized Karur Vysya Bank to collect direct taxes on behalf of the Central Board of Direct Taxes (CBDT).

B Ramesh Babu, Managing Director and CEO of the bank said, “It has been a long standing requirement of our customers to be able to pay their direct taxes through our bank. We are glad that we will be in a position to offer this service to our customers.”

After getting the approval, the bank has started the process of integration with CBDT. Once completed, customers of the Bank can submit their Direct Taxes through any branch of the Bank, Net Banking and DeLite Mobile App.

The bank’s stock closed at Rs 49.30 per piece, up 1.8% on the Sensex.

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