Last min rush: RBI allows 29 banks to collect income tax

Last min rush: RBI allows 29 banks to collect income tax

The Reserve Bank of India (RBI) on Wednesday authorised 29 commercial banks to accept  payment of income tax dues in Mumbai. The State Bank of India ( SBI ), ICICI Bank , HDFC Bank , Bank of Baroda , Bank of India and Axis Bank are some of the prominent lenders, which  can collect income tax (I-T) from payers. 

"The rush for remitting income tax dues through the RBI has been far too heavy towards the end  of September. It becomes difficult for the Reserve Bank to cope with the pressure of receipts  despite opening additional counters to the maximum extent possible for the purpose. Consequently, members of public are required to wait in queues at the Reserve Bank for  unnecessarily long periods," the central bank said in a release on Wednesday. 

RBI has also urged the assessees to take advantage of paying taxes at select branches of accredited agency banks, which have been authorised to accept payments of Income Tax dues. Most of these banks also provide facilities for on-line payment of taxes, it has added. 

Some other banks include Allahabad Bank , Syndicate Bank , Andhra Bank , UCO Bank , Union Bank of India , United Bank of India , Bank of Maharashtra , Vijaya Bank , Canara Bank , Central Bank of India , State Bank of Bikaner & Jaipur , Corporation Bank , State Bank of Hyderabad, Dena Bank, State Bank of Travancore, IDBI Bank, State Bank of Mysore, Indian Bank , State Bank of Patiala, Indian Overseas Bank , Oriental Bank of Commerce , Punjab & Sind Bank, and Punjab National Bank.
(Money Control)

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Raghuram Rajan appointed next RBI Governor

“We don’t have a magic wand to make the problems disappear instantaneously. But I have absolutely no doubt, we will deal with them”

Chief Economic Adviser Raghuram Govind Rajan was on Tuesday appointed as Governor of the Reserve Bank of India (RBI) for three years. He will take over from D. Subbarao who demits office on September 4.

At 50, by far one of the youngest to become RBI Governor, Dr. Rajan, who is credited to have correctly predicted the 2008 financial crisis, is set to take over the mantle of the central bank at a time when the economy is faced with a multi-pronged crisis of high consumer price inflation, industrial slowdown, a free fall of the rupee and a widening current account deficit (CAD).

Set to take charge as the 23rd chief of the RBI when he assumes charge from Dr. Subbarao who was not often seen on the same page with the government and pursued a tight monetary policy to rein in inflation, Dr. Rajan, former Chief Economist of the International Monetary Fund (IMF), sought to paint the task he is faced with.

Lest the nation, particularly India Inc., look forward to a complete transformation, Dr. Rajan said in a statement after his appointment that the RBI had a tradition of integrity, independence and professionalism. “These are challenging times for the Indian economy, and the RBI and the government will work together…We don’t have a magic wand to make the problems disappear. But absolutely we will deal with them.”

Tags:  Raghuram Rajan, Chief Economic Advisor, RBI governor, D. Subbarao

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