Kotak Mahindra Bank Ltd (KMBL) has received approval from the government for the collection of direct & indirect taxes, such as income tax, Goods and Services Tax (GST) etc, through its banking network. With this, the bank becomes the first scheduled private sector bank to receive approval after the announcement by Finance Minister Nirmala Sitharaman allowing all banks to participate in the government-related business.
After technical integration, KMBL customers will be able to pay their direct and indirect taxes straight from KMBL’s mobile banking or net banking platforms as well as through KMBL’s branch banking network, resulting in immense ease and convenience for customers.
Important takeaways for all competitive exams:
- Kotak Mahindra Bank Establishment: 2003;
- Kotak Mahindra Bank Headquarters: Mumbai, Maharashtra;
- Kotak Mahindra Bank MD & CEO: Uday Kotak;
- Kotak Mahindra Bank Tagline: Let’s Make Money Simple.