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Federal bank first to list payment gateway on tax platform
August 05, 2022
Federal Bank has become India’s first bank to list its Payment Gateway platform on the income tax department’s TIN 2.0 platform, which went live on July 1 this year. The Payment Gateway has been enabled, providing one more payment option to taxpayers, who can now make their payments with ease, using modes such as credit/ debit card, UPI, NEFT/RTGS, and internet banking.
Harsh Dugar, group president and country head (wholesale banking) of Federal Bank, said the Kerala-based lender is actively using digital as a key enabler of superior experience and transaction convenience. “With an increasing number of digital-first folks joining the workforce and scaling up of digital transactions across the ecosystem, we are sure that taxpayers will appreciate the convenience of tax payments brought forth by the Federal Bank by easing the process and providing multiple options.”
Federal Bank July partnered with the Central Board of Direct Taxes (CBDT) to assist taxpayers in making their payments through the e-pay tax facility in the e-filing portal of the income tax. The bank also received the government’s approval to collect direct tax during the past financial year and has been made effective since July 1, 2022.
The lender’s net profit in the June 2022 quarter jumped 63.5 percent to Rs 601 crore, on a steep decline in money set aside for bad loans. The South-based lender had reported a net profit of Rs 367 crore in the year-ago period.
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