18 May 2016 Current Affairs: RBI has authorised 29 agency banks to accept payments of Income Tax dues. RBI has appealed tax payers to remit their income tax dues sufficiently in advance of the due date. In order to minimize the hassle, tax payers can also use the facility of online payment or use alternate channels like the authorized agency banks.
29 agency banks to accept payments of Income Tax dues : Some of the agency banks authorized by RBI to collect tax include Allahabad Bank, UCO Bank, Bank of India, Bank of Maharashtra, Canara Bank, State Bank of India, Central Bank of India, Dena Bank, HDFC Bank Ltd, Oriental Bank of Commerce, Axis Bank Ltd and Punjab National Bank.
RBI has taken this measure as the rush for remitting Income Tax dues becomes far too heavy towards the end of June every year making it difficult for the Reserve Bank to cope with the pressure.