Union Bank of India has entered into partnership with Maharashtra for over-the-counter (OTC) collection of taxes and receipts. The facility of collecting taxes and dues will be provided at all of its 500 branches across the state.
The bank has integrated its core banking with the Maharashtra virtual treasury, GRAS (Government Receipt Accounting System), to facilitate OTC tax collection, which will provide one more mode of payment for convenience of tax payers and the state.
The bank reported a rise of 77.24% in its net profit Rs 658.16 crore for the quarter ended September 30, 2015 as compared to net profit of Rs 371.34 crore for the same quarter in the previous year. Total income increased by 3.95% at Rs 9100.90 crore for quarter under review as compared to Rs 8754.69 crore for the quarter ended September 30, 2014.
