SBM launches stamp duty collection machine

State Bank of Mysore (SBM) has announced the launch the country's first automated stamp duty collection machine in the backdrop of the ongoing investigations of a major stamp paper scam in the country.

Earlier, the bank had volunteered to the government of Karnataka to take-up the job of collecting stamp duty on behalf of the government.

The issue of document sheets by the bank was accepted by the government of Karnataka earlier this year.

On account of sudden withdrawal of non-judicial stamp paper and take over of this task of collecting duty by the bank, nearly 45 branches of the bank that were offering this services were mostly overcrowded.

The automated stamp duty collection machine has been introduced to overcome this problem.

Eversince the bank took over the government's responsibility of providing stamp duty, it has witnessed about 37 lakh transactions which amounts to nearly Rs 130 crore.

The bank takes a 1 per cent commission on every transaction.

This service alone is expected to get Rs 2 crore in revenues for SBM by the close of the current fiscal.

Though the state government intends to set up as many machines as possible, SBM will initially deploy about 2 machines within the next one month.