Federal Bank becomes first bank to be listed on Income Tax Department’s TIN 2.0 platform

Federal Bank becomes first bank to be listed on Income Tax Department's TIN 2.0 platform

New Delhi. Kerala-based Federal Bank has become the first bank to list its ‘payment gateway’ platform on the Income Tax Department’s TIN 2.0 platform. ‘Payment Gateway’ is an application through which the process of online payment becomes easy.

Tin 2.0 platform was launched on July 1, 2022
The TIN 2.0 platform was launched from July 1 this year. It provides yet another payment option to the taxpayers through ‘Payment Gateway’, from which they can make payments through credit/debit cards, UPI, NEFT/RTGS and internet banking.

Banks using digital medium for better experience and ease of transactions
Harsh Dugar, Group President and Country Head, Wholesale Banking, Federal Bank said that the bank is using digital medium to create a better experience and ease of transactions. Looking at the increasing number of users doing digital transactions in the workplace, Duggar said that he is confident that taxpayers will appreciate the convenience of tax payment eased by the bank.

Also read- How much can be top up on home loan, money can be used for what work? What do experts say

Federal Bank’s first quarter net profit up 63.5% at Rs 601 crore
Significantly, in the April-June quarter of the current financial year, Federal Bank’s net profit increased by 63.5% to Rs 601 crore. Giving this information recently, the bank had said that during the last quarter, there has been a sharp decline in the capital set aside for bad loans of the bank. This South Indian bank had earned a net profit of Rs 367 crore in the year-ago period.

Tags: income tax, income tax department

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