Union Bank of India starts I-T payment facility through ATMs

Customers can prepare IT Challlans on banks' portal

PTI | April 1, 2011



Union Bank of India today started a 24x7 facility for its customers to pay income tax through ATMs.

Union Bank of India has a network of 2,600 ATMs and plans to increase the number to 5,000 by end of March, 2012, bank's Chairman and Managing Director M V Nair told reporters after launch of the facility here.

"Implementation of income tax payment on ATMs is expected to go a long way in providing easier tax administration for both government and tax payers," Minister of State for Finance Namo Narain Meena said after launching the facility.

He said greater compliance can be achieved by giving convenience and speed in handling of tax payment.

Income tax constitutes nearly 22 per cent of the revenue to the government.

Nair said customers of the Bank, after one time registration, will be able to make their income tax payments on ATMs. They will be able to generate their challan on the bank's portal.

Union Bank of India has a Card base of 6.5 million.

"Bank has planned to take its ATM numbers to 5,000 by end of March, 2012.

During the financial year, Bank customers made over 3.39 lakh income tax payment transactions aggregating to Rs 5,115.20 crore through online payment from the bank, Nair said.

 

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