The introduction of donation on BBPS enables the issuance of an 80G certificate to the donors and recipients, which will help the donor get tax benefit.
New Delhi: Axis Bank, one of the largest private sector banks in India, has announced the introduction of donation on the Bharat Bill Payment System (BBPS) in India today. The much-talked about customer-oriented move has made Axis Bank the only BBPS Biller Operating Unit to enable trusts and charitable institutions to accept the contribution via any BBPS-enabled front ends.
The move, notably, is designed to change how donations are made by making it more accessible, transparent, and convenient for people to support noble causes. Also, the donors can immediately receive a payment confirmation receipt and thereby get the 80G certificate, as per a report by the news agency PTI.
How’s ‘Donation Category’ on BBPS Useful?
With the introduction of the ‘Donation Category’ on BBPS, charitable institutions can collect offerings digitally in a seamless manner, ensuring complete transparency and further deepening trust with donors and devotees through this solution. By accepting the payment digitally, the charitable institutions are also able to lower the direct and indirect costs associated with donations in cash. As the sole BBPS Biller Operating Unit capable of offering this unique service, Axis Bank has customized solutions for various trusts to enhance the payment experience and provide superior service to donors. Furthermore, the integration of link-based payments offers an end-to-end solution for trusts and charitable institutions.
Here’s How To Claim Tax Benefit For Customers
Customers will immediately receive a payment confirmation receipt, adding to the ease of the process. The solution also enables the issuance of an 80G certificate to the donors and recipients.
“Axis Bank has been at the forefront of rolling out pioneering solutions for its clients. The bank has consistently displayed agility in responding to client requirements. The introduction of donations is a giant leap for the BBPS ecosystem. This is the first solution of its kind on the market and helps charitable institutions accept donations seamlessly with end-to-end tracking. This initiative is an example of innovation in India’s digital journey that ensures complete transparency for the donor and thus builds trust in the ecosystem. Our team’s dedication and efficiency led to the remarkable achievement of launching this category in under two weeks, a record time for introducing new categories on BBPS,” Vivek Gupta, President & Head, Wholesale Banking Products, Axis Bank, was quoted saying in a report by news agency PTI.
About Axis Bank:
Axis Bank is one of the largest private-sector banks in India. Axis Bank offers the entire spectrum of services to customer segments, covering large and mid-sized corporations, SME, agriculture, and retail businesses. With its 5,252 domestic branches (including extension counters) and 15,931 ATMs across the country as of December 31, 2023, the network of Axis Bank spreads across 2,910 centres, enabling the bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge, Axis Pension Fund and Axis Bank Foundation.
(With inputs from agencies)