Dhanlaxmi Bank on Thursday stated it has signed a memorandum of understanding with Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) for assortment of taxes. The financial institution has been authorised by the Reserve Bank of India (RBI) based mostly on the advice from the Controller General of Accounts for assortment of varied taxes, Dhanlaxmi Bank stated in a regulatory submitting.
With this, clients will quickly be capable to pay their direct taxes and GST funds and different oblique taxes via the department community and digital platforms of the financial institution, it stated.
The technical integration required to implement the seamless move of remittances from the financial institution’s portal to that of CBDT and CBIC shall be accomplished on the earliest to be able to present early entry to its clients in direction of the services. In October, the financial institution had been empanelled as ‘Agency Bank’ by RBI to undertake common banking companies of central and state authorities on behalf of RBI.
It is to be famous that RBI had in 2020 appointed its General Manager D Okay Kashyap on the board of the financial institution for 2 years. The central financial institution normally doesn’t appoint its nominee on the boards of personal banks except there are distinctive circumstances to keep away from any battle of curiosity.
Kerala-based Dhanlaxmi Bank was put below the Prompt Corrective Action (PCA) framework by RBI in November 2015 as a consequence of its deteriorating monetary well being and solely final 12 months it got here out of those restrictions. Since then it has posted revenue.
Source: www.financialexpress.com”