IndusInd Bank empanelled as Agency Bank by Ministry of Finance, MP

8 Jun 2023 , 12:19 PM

IndusInd Bank announced today that it has been designated as an authorized ‘Agency Bank’ by the Madhya Pradesh State Government’s Ministry of Finance.

IndusInd Bank’s appointment will enable them to digitally collect State Government Revenue and Receipts, including GST and VAT, as well as facilitate the collection of stamp duty and pension funds on behalf of the government of MP.

IndusInd Bank said in its media filing that this arrangement will improve ease for business groups, departments of state government, and individuals in Madhya Pradesh for making payments on a real-time basis conveniently. Therefore, this will eliminate the need for in-person visits to branches of the bank.

“IndusInd Bank remains committed to providing digital banking solutions through our cutting-edge technology platforms,” commented Soumitra Sen, Head – Consumer Banking and Marketing, at IndusInd Bank.

Following its authorization as Agency Bank, IndusInd Bank can handle revenue and receipts transactions of the MP State Government. This includes the collection of stamp duty charges, revenue receipts under CBDT, CBIC & GST on behalf of the State Government, collection of state taxes such as Professional Tax, VAT, State Excise, etc., Small Savings Schemes (SSS) related work, collection of stamp duty from citizens for the franking of documents.

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