Federal Bank gets authorisation to Collect Government Receipts for the State of Maharashtra via GRAS Portal

Federal Bank has been authorised by the Reserve Bank of India to facilitate the collection of Government receipts through the Government Receipt Accounting System (GRAS) portal for the State Government of Maharashtra. This development follows the authorisation issued by RBI based on the State Government's communication. With this authorisation, Federal Bank joins the select group of banks enabling citizens, businesses, and institutions to conveniently make payments and remit statutory dues to the State Government through the GRAS platform.

GRAS is the Government Receipt Accounting System implemented by the Finance Department of Maharashtra. It acts as a virtual treasury, allowing electronic payments for taxes and non-tax state revenues through a secure payment gateway. This system was made available to the public via GRAS in June 2010. This online platform enables taxpayers to generate e-challans, make payments via net banking or over the counter at participating banks, and receive immediate receipts. After the completion of Federal Bank's integration with GRAS, it will enable users to make payments directly-either online or offline-for state dues such as stamp duty, registration fees, and various departmental taxes. This will be beneficial to the public as it provides significant advantages such as seamless and flexible payment options, quick and secure online receipts, reduced manual work and errors, easy access via web or bank branches, greater transparency, and administrative efficiency.

Speaking on the development, Anoop T, SVP and Country Head - Government & Institutional Business said, "Federal Bank is proud to serve the state of Maharashtra and are honoured to be authorised by the Reserve Bank of India to collect Government receipts through the GRAS portal. We have been efficiently handling similar treasury related transactions in other states too. This marks an addition to our public service capabilities."

The Bank will follow the established RBI guidelines for accounting, reconciliation, and reporting of State Government transactions, ensuring compliance and operational excellence.

Shares of The Federal Bank Limited was last trading in BSE at Rs. 195.95 as compared to the previous close of Rs. 196.20. The total number of shares traded during the day was 95556 in over 1718 trades.

The stock hit an intraday high of Rs. 196.55 and intraday low of 195.00. The net turnover during the day was Rs. 18728159.00.

Source : Equity Bulls

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