This appointment will enable IndusInd Bank for online collection of state government revenue and receipts such as GST and VAT, collection of stamp duty and pension amounts on behalf of the Madhya Pradesh state government.

This arrangement aims to enhance ease for business groups, state government departments and individuals in Madhya Pradesh to make payments to state government conveniently and on a real time basis, eliminating the requirement for in-person visits to bank branches.

IndusInd Bank caters to both consumer and corporate customers. As of 31 March 2023, the bank's distribution network included 2,606 branches/ banking outlets and 2,878 onsite and offsite ATMs. The client base stood at approximately 34 million as on 31 March 2023.

The private lender's standalone net profit surged 49.89% to Rs 2,040.51 crore on 24.7% rise in total income to Rs 12,171.22 crore in Q4 FY23 over Q4 FY22.

The scrip rose 0.53% to currently trade at Rs 1318 on the BSE.