Customs Duty collection arrangement launched by South Indian bank
July 20, 2022
The day also witnessed the inauguration of the Bank’s e-FPB (Electronic Focal Point Branch) at Delhi by Mr. Ramakrishnan. The launch of the facility enables South Indian Bank’s digital channels to collect direct and indirect taxes from taxpayers.
South Indian Bank’s corporate and retail customers will now be able to pay customs duty through the bank’s internet banking platform ‘SIBerNet’. The facility allows customers to make online payment by selecting South Indian Bank from the list of banks on CBIC’s portal.
The facility was kicked-off with the inauguration of the Bank’s e-FPB. The e-FPB will be attached to the Bank’s Corporate branch in Delhi. Consequently, the bank will collect customs duty on behalf of the CBIC, under authorization from the RBI.
Mr. Murali Ramakrishnan, MD and CEO of South Indian Bank applauded the achievement by saying, “This milestone achievement opens up a wide spectrum of opportunities for us. The accreditation allows us to enhance customer convenience for retail customers, small and medium enterprises and large corporates for their government-related banking transactions, taxes and other revenue payment facilities.”