Federal Bank gets authorization to collect Direct and Indirect Taxes

Federal Bank has been authorized by Reserve Bank of India, basis recommendation of Controller General of Accounts, Ministry of Finance, for collection of Direct and Indirect Taxes, on behalf of CBDT and CBIC.

Federal Bank customers will soon be able to pay their Direct and Indirect taxes through the Bank's various digital platforms like FedMobile (Mobile Banking app), FedNet (Net Banking), Fedebiz (Corporate Digital Banking), and through wide branch network.

Commenting on the approval, Harsh Dugar, Group President & Country Head - Wholesale Banking, Federal Bank said, "We are elated to be empanelled by Government of India and RBI for collection of Direct and Indirect Taxes. This would make it convenient for our customers to make tax payments digitally and seamlessly. We also look forward to working closely with the Government and RBI to offer effective banking solutions on a strong digital platform. This further enhances our product basket and our constant endeavor to be the Perfect Banking Partner".

Shares of The Federal Bank Limited was last trading in BSE at Rs. 85.60 as compared to the previous close of Rs. 85.50. The total number of shares traded during the day was 764316 in over 3930 trades.

The stock hit an intraday high of Rs. 86.25 and intraday low of 84.80. The net turnover during the day was Rs. 65321485.00.

Shares of The Federal Bank Limited was last trading in NSE at Rs. 85.60 as compared to the previous close of Rs. 85.45. The total number of shares traded during the day was 14090906 in over 47817 trades.

The stock hit an intraday high of Rs. 86.35 and intraday low of 84.80. The total traded value during the day was Rs. 1204632210.00.

Source : Equity Bulls

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