Context:
The Reserve Bank of India (RBI) has officially allowed Federal Bank to collect government receipts on behalf of Maharashtra through the Government Receipt Accounting System (GRAS) portal. This authorization broadens the number of banks that can accept both digital and in-person payments for state dues like stamp duty and taxes.
About the GRAS Portal
- Launched in 2010 by Maharashtra’s Finance Department, GRAS serves as a virtual treasury.
- It enables:
- Generation of e-challans
- Payments via net banking or participating bank branches
- Issuance of immediate electronic receipts
- This streamlines payment workflows, reduces manual entry errors, and enhances transparency.
What Will Change?
Once integrated with GRAS, Federal Bank customers can:
- Pay state dues such as stamp duty, registration fees, and departmental taxes directly via the portal.
- Choose between online payments or visiting a branch, with seamless receipt generation.
- Benefit from simplified, transparent, and efficient payment experiences.
About Federal Bank
- Founded: 1931 (as Travancore Federal Bank), renamed Federal Bank in 1949
- Headquarters: Aluva, Kerala
- Type: Private sector scheduled commercial bank
- Regulation: Governed by the Reserve Bank of India (RBI)
