State-run Union Bank of India has tied up with Maharashtra for over-the-counter (OTC) collection of taxes and receipts. 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.

It will give tax payers the convenience of payment at the branch through their account or by cash with online generation of challans and real time updation of records through GRAS. The state will also be benefited by having a hassle-free revenue collection, daily reconciliation, real-time update of records and providing easy reach to the tax payers.

UBI

• Union Bank of India is one of the largest government-owned banks of India (the government owns 60.13% of its share capital).
• It is listed on the Forbes 2000, and has assets of USD 13.45 billion.
• UBI is active in promoting financial inclusion policy and is a member of the Alliance for Financial Inclusion (AFI).
• Union Bank of India (Union Bank) was registered on 11 November 1919 as a limited company in Mumbai and was inaugurated by Mahatma Gandhi.