IndusInd Bank Goes Live On Direct Tax Collection System of CBDT

·         IndusInd Bank has been authorized for collection of Direct Taxes Under its Agency Bank Licence 

·         Direct taxes to be collected to include Income tax, advance tax, TDS and all other direct taxes that fall under the purview of CBDT 

IndusInd Bank today announced that it is now integrated with the lncome Tax Department’s recently launched tax payment platform “TIN2.0”. The Bank was appointed as an Agency Bank by the Reserve Bank of India and under this licence, IndusInd Bank customers can now pay their Direct Taxes in a fast, seamless and convenient manner through the Bank’s Retail or Corporate Net Banking platform or at any IndusInd Bank branch using Cash, Cheque or Demand Draft. 

Speaking on the development, Mr. Sumant Kathpalia, Managing Director & CEO, IndusInd Bank, said, “We take immense pride in commencing operations as an Agency Bank for the Central Board of Direct Taxes. This is yet another addition to IndusInd Bank’s product suite comprising innovative solutions powered by cutting edge digital capabilities. We are confident of being a ‘partner of choice’ for the Government and our customers alike and we stay committed to providing a superior experience as India’s most convenient Bank.” 

About IndusInd Bank:

IndusInd Bank Limited commenced its operations in 1994 catering to the needs of consumer and corporate customers. Since its inception, the Bank has redefined the banking experience for its customers including various government entities, PSUs and large corporations. As on December 31, 2022, IndusInd Bank has a customer base of approx. 33 million, with 2384 Branches/Banking Outlets and 2894 ATMs spread across geographical locations of the country and covering 1,34,000 villages. The Bank has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology that supports multi-channel delivery capabilities. It enjoys clearing bank status for both major stock exchanges BSE and NSE and settlement bank status for NCDEX. It is an also an empaneled banker for MCX. IndusInd Bank was included in the NIFTY 50 benchmark index on April 1, 2013.   

RATINGS   

Domestic Ratings:     

CRISIL AA + for Infrastructure Bonds program/Tier 2 Bonds   

CRISIL AA for Additional Tier 1 Bonds program   

CRISIL A1+ for certificate of deposit program / short term FD program    

IND AA+ for Senior bonds program/Tier 2 Bonds by India Ratings and Research   

IND AA for Additional Tier 1 Bonds program by India Ratings and Research   

IND A1+ for Short Term Debt Instruments by India Ratings and Research  

International Ratings:      

Ba1 for Senior Unsecured MTN programme by Moody’s Investors Service   

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