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IDBI Bank collected 23 per cent more by way of Direct and Indirect taxes on behalf of the Government in the financial year ended March 31, 2014.
In the reporting financial year, the bank mobilised central taxes aggregating Rs 1.95 lakh crore against Rs 1.59 lakh crore in the year ago period.
The Government-owned bank, in a statement, said its technology platform allows internet banking facility for pan-India payment of direct taxes, excise duty, service tax and customs duty.
At present all the public sector banks and three private sector banks, that is, ICICI Bank Ltd, HDFC Bank Ltd and Axis Bank Ltd act as RBI's agents. Only authorised branches of Agency banks can conduct Government business.
RBI pays agency commission (also called turnover commission) to the Agency Banks for the Government business handled by them.
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