Categories: Banking

Kotak Bank gets approval from the government to collect direct, indirect taxes

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.

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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.

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.

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