Federal Bank and Kotak Bank are in preliminary merger negotiations.
According to the sources, the top management of both banks has probably met to discuss a prospective transaction.
Kotak Bank has declined to comment on the story in any way.
After the news broke, shares of the Federal Bank saw a strong increase; they increased by almost 7% to trade at Rs 127.45 per share.
Pre-login and post-login e-Pay Tax services are now available on the e-Filing website through two additional recognised banks, Kotak Mahindra Bank and Federal Bank. Both Over the Counter and Net Banking tax payments are now accepted by these two banks.
According to a press statement from the bank, people can now pay their taxes instantly using any of the various payment options, including as cash, NEFT/RTGS, net banking, debit/credit cards, UPI, and so forth. Any tax-paying citizen of India, including NRIs and domestic customers, may present a tax challan and pay it at any of the bank’s locations.
If growth is robust, the bank will raise capital because it is now properly capitalised (CAR of 14.57 percent).According to reports cited by CNBC Awaaz on September 5, Federal Bank and Kotak Bank are in the preliminary stages of talks regarding a merger.
In October 2021, Kotak Bank became the first Scheduled Private Sector Bank to be approved as a partner in tax collection, according to a bank press statement.
Below are the authorized banks according to the Tax Information Network (TIN) website:
Allahabad Bank
Andhra Bank
Axis Bank
Bank of Baroda
Bank of India
Bank of Maharashtra