IDBI Bank’s fee income from govt biz doubles in FY13

MUMBAI, APRIL 8:  

With fees earned from facilitating tax collections doubling, IDBI Bank plans to step up its focus on government business.

In fiscal 2012-13 (FY13), the public sector bank earned Rs 60 crore fee income (Rs 30 crore in FY12) from government business, which includes facilitating collection of direct and indirect (Central) taxes, State sales tax and treasury business.

Direct tax includes corporate and personal income-tax while indirect tax includes Customs duty, excise duty and service tax. IDBI Bank facilitated central tax collections aggregating Rs 1,42,776 crore in FY13 against Rs 1,12,543 crore in FY12, registering a 27 per cent growth. As per the revised budget numbers, the central tax collection in FY13 amounted to Rs 10,35,381 crore.

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