The state-owned lender, Corporation Bank, is all set to come out with a new facility for its taxpayers.
The proposed product, to be called as ?E-payment through ATM? will enable the taxpayers to pay tax at anytime from anywhere. One can pay taxes like income, fringe benefit, securities transaction as well as gift taxes through the facility, which is likely to be launched within a period of 10 days from now. The bank will earn 11 paise per tax payment through the upcoming facility.
Talking to FE on the sidelines of the analysts? meet in Mumbai on Wednesday, JM Garg, chairman and managing director of the bank said that nearly 35 lakh out of our total customer base of one crore are from the taxpaying community. ?We estimate that nearly 10 lakh of them will avail the facility initially. However, the facility is being made available for any taxpayer, disregard of the fact if they are our customer,?? said Garg.
The bank is looking at deposit growth of 23% and credit growth of 22-28% by the fiscal-end, said Garg. On CASA deposit mobilisation, Garg said that the bank has already opened 1,50,000 accounts resulting in the mobilisation of Rs 400 crore under it during the first quarter of the current fiscal.
Mewanwhile, the bank is planning to recruit 1,400 staff during the current fiscal.