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Mumbai:
The Reserve Bank of India and leading new generation
bank idbi bank have signed an agreement facilitating the
Bank's entry into central government and state government
business.
RBI's
chief general manager, department of government and bank
accounts (DGBA), Probal Sen and idbi bank's managing director
G V Nageswara Rao formally signed the agreement.
 The
Gujarat government's finance department had earlier issued
a notification authorising idbi bank to collect ST and
professional taxes at its nine branches in the state -
four in Ahmedabad and one each at Bhavnagar, Baroda, Navsari,
Surat and Vallabh Vidyanagar
With
this, idbi bank brings in the convenience of payment to
thousands of businessess across Gujarat. The Bank will
also offer extended hours for deposits and payments.
Armed
with a Rs 154 crore infusion of fresh capital through
its recent rights issue, the bank has been aggressively
pursuing new business plans by making substantial investments
in technology.
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