CURRENT AFFAIRS

2021

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Which bank has become the first scheduled private sector bank to receive approval from the Government of India for the collection of direct and indirect taxes?

A	IndusInd Bank
B	Kotak Mahindra Bank
C	Bandhan Bank
D	Federal Bank

Explanation:

Detailed explanation-1: -Incidentally in October 2021, Kotak Mahindra became the first in-line of scheduled private sector banks to get approved as a collection partner for taxes. The bank could collect direct and indirect taxes, including income tax, and goods and services tax (GST), among others.

Detailed explanation-2: -Federal Bank has been authorized by Reserve Bank of India, basis recommendation of Controller General of Accounts, Ministry of Finance, for collection of Direct and Indirect Taxes, on behalf of CBDT and CBIC.

Detailed explanation-3: -Murali Ramakrishnan, MD and CEO of South Indian Bank, said, “This is a milestone achievement for our organisation. This opens up a wide spectrum of opportunities for us.

Detailed explanation-4: -The first private sector bank in India is Indusland Bank. It was established in 1994 by SP Hinduja, and now it has an excellent banking network with 760 branches in India.

There is 1 question to complete.