RBI authorizes Karur Vysya Bank to collect direct taxes

Private sector Karur Vysya Bank NSE 1.75 % on Tuesday said it has commenced the integration process with the Central Board of Direct Taxes to collect direct taxes on its behalf, following the approval it received from the Reserve Bank. “Reserve Bank of India has authorised Karur Vysya Bank to collect direct taxes on behalf of Central Board of Direct Taxes. Following the approval received, the bank has initiated the integration process with CBDT , the Tamil Nadu based-bank said in a statement.

Once the integration process gets completed, the bank customers can remit the direct taxes through any branch or through net banking or mobile banking services (DLite Mobile application).

“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”, the bank’s MD and CEO, B Ramesh Babu said.

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