Axis Bank is the First Private Sector Bank to be authorised by the Reserve Bank of India (RBI) and Government of India for collecting Taxes on behalf of State Government with authorisation of the Bank for Collection of Commercial Taxes in the twin cities of Hyderabad and Secunderabad for Govt. of Andhra Pradesh since July 2001.
Axis Bank is now authorised by RBI and Govt. of India for conducting all Central Government and State Government Business as an Agency Bank of RBI commencing with October 1, 2003. The authorisation means that the Bank can undertake the following business on behalf of Central Government and State Governments:
Collection of Direct Taxes on behalf of Central Board of Direct Taxes (CBDT)
Collection of Indirect Taxes on behalf of Central Board of Excise & Customs (CBEC)
Disbursement of Central Government Pensions
Expenditure-related Payments of Central Govt. Ministries or Departments
State Govt. Business including Collection of State Taxes based on the recommendation of individual States
