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

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 & CEO of the Bank said, “It has been the long-standing requirement of our customers that they should be able to pay their direct taxes through our Bank. We are happy that we will be in a position to offer this service to our customers.”

Following the approval received, the bank has initiated the integration process with CBDT. Once completed, customers of the Bank can remit their Direct Taxes through any branch, Net Banking and DLite Mobile app of the Bank.

On Sensex, the bank’s stock finished at Rs49.30 per piece up 1.8%.

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( With inputs from indiainfoline)