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Press ReleaseMinistry of Finance, MP State Government empanels IndusInd Bank as ‘Agency Bank’
Posted on Thursday, June 8th, 2023 | By IndusInd Bank
Mumbai, June 8, 2023: IndusInd Bank today announced that it has been appointed as an authorized ‘Agency Bank’ by the Ministry of Finance, Madhya Pradesh State Government. This appointment will enable IndusInd Bank for online collection of State Government Revenue and Receipts such as GST and VAT, collection of stamp duty and pension amounts on behalf of the Madhya Pradesh state government.
This arrangement aims to enhance ease for business groups, state government departments and individuals in Madhya Pradesh to make payments to state government conveniently and on a real-time basis, eliminating the requirement for in-person visits to Bank branches.
Speaking on the development, Mr. Soumitra Sen, Head – Consumer Banking and Marketing, IndusInd Bank said, “We are privileged to be appointed as an ‘Agency Bank’ by the MP Government for online collection of State Government Revenue and Receipts. At IndusInd Bank, we remain committed to providing digital banking solutions coupled with our state-of-the-art technology platforms. We are confident of being a ‘partner of choice’ for the Government, its enterprises, as well as all other stakeholders in fulfilling their financial aspirations in the most seamless manner.”
As an empanelled ‘Agency Bank’, IndusInd Bank is now authorised to handle following Revenue and Receipts transactions for the MP State Government:
- Revenue receipts under CBDT, CBIC & GST on behalf of the State Government
- Work related to Small Savings Schemes (SSS)
- Collection of stamp duty charges
- Collection of stamp duty from citizens for franking of documents
- Collection of state taxes such as Professional Tax, VAT, State Excise etc
About IndusInd Bank:
IndusInd Bank Limited commenced its operations in 1994 catering to the needs of consumer and corporate customers. Since its inception, the Bank has redefined the banking experience for its customers including various government entities, PSUs and large corporations. As on March 31, 2023, IndusInd Bank has a customer base of approx. 34 million, with 2606 Branches/Banking Outlets and 2878 ATMs spread across geographical locations of the country and covering 1,37,000 villages. The Bank has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology that supports multi-channel delivery capabilities. It enjoys clearing bank status for both major stock exchanges BSE and NSE and settlement bank status for NCDEX. It is an also an empaneled banker for MCX. IndusInd Bank was included in the NIFTY 50 benchmark index on April 1, 2013.
RATINGS
Domestic Ratings:
- CRISIL AA + for Infrastructure Bonds program/Tier 2 Bonds
- CRISIL AA for Additional Tier 1 Bonds program
- CRISIL A1+ for certificate of deposit program / short term FD program
- IND AA+ for Senior bonds program/Tier 2 Bonds by India Ratings and Research
- IND AA for Additional Tier 1 Bonds program by India Ratings and Research
International Ratings:
- Ba1 for Senior Unsecured MTN programme by Moody’s Investors Service
Visit us at https://www.indusind.com/
Twitter:@MyIndusIndBank
Facebook: https://www.facebook.com/OfficialIndusIndBankPage
For more information, please contact:
Media contect
| IndusInd Bank Ltd. | Adfactors PR | |
| Shefali Khalsa | Unnati Joshi | |
| mediarelations@indusind.com | Unnati.joshi@adfactorspr.com | |
| Mihir Dani | ||
| mediarelations@indusind.com | ||
