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RBI has authorized which bank to collect indirect taxes on behalf of the Central Board of Indirect Taxes and Customs (CBIC)?

RBI has authorized which bank to collect indirect taxes on behalf of the Central Board of Indirect Taxes and Customs (CBIC)? Correct Answer RBL Bank

The correct answer is RBL Bank.

Key Points

  • RBI has authorized RBL Bank to collect indirect taxes on behalf of the Central Board of Indirect Taxes and Customs (CBIC).
  • The bank had recently been authorized to collect direct taxes on behalf of the Central Board of Direct Taxes.
  • RBL Bank’s corporate and individual customers will now be able to pay their indirect taxes through RBL Bank’s mobile banking or net banking platforms.

Important Point

  • RBL Bank has been authorized by RBI, based on the recommendation from the Controller General of Accounts, Ministry of Finance, and Government of India, to collect indirect taxes on behalf of the Central Board of Indirect Taxes and Customs.

Additional Information

  • In December 2021, Paytm Payments Bank Ltd, an associate entity of Paytm, has gained RBI's approval to function as a scheduled payments bank.
  • The Reserve Bank of India (RBI) on 15 November 2021 introduced an Internal Ombudsman mechanism for select Non-Banking Financial Companies (NBFCs).
  • In Jan 2021, The Reserve Bank of India (RBI) announced the ents Infrastructure Development Fund has been operationalized to create 30 lakh new touch points every year for digital payments in Tier-3 to Tier-6 centers.
  • RBL Bank:
    • It was formerly known as Ratnakar Bank.
    • It is an Indian private sector bank and headquartered in Mumbai.
    • It was founded in 1943.
  • RBI:
    • Governor - Shaktikanta Das.
    • Headquarters - Mumbai.
    • Founded: 1 April 1935, Kolkata.
    • The Bank publishes two statutory reports, the Annual Report of the Bank and the Report on Trend and Progress of Banking in India.
    • It also publishes the Financial Stability Report.

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