RBI authorizes Karnataka Bank for the collection of Direct and Indirect Taxes

RBI authorizes Karnataka Bank for the collection of Direct and Indirect Taxes

by 5paisa Research Team Last Updated: Apr 13, 2023 - 10:21 am 266 Views

The bank will be collecting taxes on behalf of CBDT and CBIC  

Authorization for tax collection 

Karnataka Bank has been authorized by the Reserve Bank of India (RBI), for the collection of Direct and Indirect Taxes, on behalf of the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC), on the recommendation from the Controller General of Accounts (CGA), Ministry of Finance, Govt. of India. Bank customers are already enjoying seamless payments for Custom Duty Payments online, by selecting 'Karnataka Bank' in the Indian Customs Electronic Gateway 'ICEGATE' portal of CBIC.  

The (ICEGA TE) portal of CBIC provides e-filing services to the Trade, Cargo Carriers and other Trading Partners electronically. Now CBIC has implemented new integration for Electronic Cash Ledger (ECL) with the functionality of collection of both tax and nontax receipts for CBIC on behalf of third-party applications through multiple modes of collections and Karnataka Bank is on-boarded for the same. 

Stock price movement 

On Wednesday, the stock opened at Rs 130.90 and touched a high and low of Rs 130.95 and Rs 129 respectively. The BSE group 'A' stock of face value of Rs 10 has touched a 52-week high and low of Rs 168.50 and Rs 57.75, respectively. Last one week high and low of the scrip stood at Rs 132.25 and Rs 128.80 respectively. The current market cap of the company is Rs 4,041.71 crore. 

The Institutions and Non-Institutions held 25.18% and 74.80%, stake in the Bank respectively. 

Company Profile

Karnataka Bank is engaged in providing a wide range of banking & financial services involving retail, corporate banking and para-banking activities in addition to treasury and foreign exchange business. Its products and services include current account, demand, time, cumulative, cash certificates, insurance-linked savings bank deposits, resident foreign currency accounts and senior citizens deposit schemes.  

How do you rate this article?


Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage

About the Author

Our research team is composed of some highly qualified research professionals, their expertise range across sectors.


Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial. Also, The

Open Free Demat Account

Resend OTP
Please Enter OTP
Account belongs to

By proceeding, you agree to the T&C.

Latest News
Sahana Systems IPO GMP (Grey Market Premium)

Sahana Systems IPO worth ₹32.74 crore comprises entirely of a fresh issue of shares by the company. The price band has been fixed in the range of ₹132 to ₹135.

  • Jun 06, 2023
Infollion Research IPO GMP (Grey Market Premium)

Infollion Research Services IPO worth Rs.21.45 crore, comprises of a fresh issue and an offer for sale (OFS) by promoters and early shareholders. The price band has been fixed in the range of Rs80 to Rs82.

  • Jun 06, 2023

Start Investing Now!

Open Free Demat Account in 5 mins

Enter Valid Mobile Number