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RBI authorizes RBL bank to collect indirect taxes

January 14, 2022

RBI authorizes RBL bank to collect indirect taxes

The Reserve Bank has granted permission to RBL Bank to gather indirect taxes on the behalf of the government, the private sector lender said on Friday. It has effectively been granted permission to collect direct taxes.

“RBL Bank has been approved by the Reserve Bank of India (RBI), based on recommendation from the Controller General of Accounts, Ministry of Finance and Government of India, to collect indirect taxes in the interest of the Central Board of Indirect Taxes and Customs (CBIC),” the bank said in a regulatory filing.

The bank had recently authorized to collect direct taxes on behalf of the Central Board of Direct Taxes (CBDT).

“With this announcement, the bank can now collect direct and indirect taxes,” it said.

The private sector lender said after technical integration, its corporate and individual clients will actually want to pay their indirect taxes through the bank’s mobile banking or net banking platforms just as through the branch banking network.

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