Saturday, February 9, 2013

IDBI Bank crosses Rs.1 lakh crore mark in Central Tax Collections in FY 2012-13 & introduces multiple custom duty payments facility through single transaction

Mumbai, February 8, 2013: IDBI Bank with a strong focus on Government Business has been engaged in the collection of various Direct and Indirect Taxes of the Central Government and various State Governments. In January 2013, the Bank reached a major landmark of Rs. One lakh crore ( total Rs 1.08 lakh crore) in respect of Central tax collection for the current Financial Year thereby repeating the feat achieved during FY 2011-12. As at the end of January 31, 2013, the Bank has surpassed the total tax collection of Rs.1.20 lakh crore, including state taxes as against Rs.1.24 lakh crore collected in the entire previous year.

The Bank went live on January 16, 2012 for payment of Customs Duty on pan India basis. Considering increased volume of Customs Duty on regular basis and to provide better services to our valued customers, the Bank decided to move to multiple challan mode of payment of custom duty, which has since been launched on January 29, 2013. Under this module, customers would be able to pay upto 25 challans at one go pertaining to any one port. It will not only reduce the time for processing the challans but would also make the payment of customs duty through net banking most convenient for the Bank's customers.

About IDBI Bank

IDBI Bank is the youngest, new generation, public sector universal bank that rides on a cutting edge core banking Information Technology platform. This enables the Bank to offer personalized banking and financial solutions to its clients through its 1032 branches and 1606 ATMs. The Bank had an aggregate balance sheet size of about Rs. 2,75,000 crore and total business of about Rs 3,60,000 crore as on December 31, 2012. IDBI Bank's operations during the 9 month period ended December 31, 2012 resulted in a net profit of Rs. 1328 crore.

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