Federal Bank Cleared for Maharashtra GRAS Receipts
Why in the news
RBI approved Federal Bank to accept Maharashtra government dues via the state’s Government Receipt Accounting System (GRAS), widening the set of banks handling online and branch payments for stamp duty and taxes.
Key facts
- GRAS: a virtual treasury started in 2010 by the state Finance Department.
- Users create e-challans, pay via net banking or participating branches, and get instant e-receipts.
- Federal Bank customers can pay stamp duty, registration fees and departmental taxes online or at a branch.
| Federal Bank | Detail |
|---|---|
| Origin | 1931 as Travancore Federal Bank; renamed 1949 |
| Base | Aluva, Kerala |
| Category | Private sector scheduled commercial bank |
Exam angle
- GRAS: Government Receipt Accounting System.