Private Banks can handle govt. business now: FM Â
Details:
- Finance Minister Nirmala Sitharaman announced that the embargo on private banks handling government business had been lifted, paving the way for such lenders to handle tax payments, pension payments and even small savings schemes.
- The government’s decision has been conveyed to the Reserve Bank of India, the Finance Ministry said in a statement, as the central bank is entrusted with authorizing private banks to undertake handling of government and its agencies’ business.
- Private banks can now be equal partners in development of the Indian economy, furthering Govt.’s social sector initiatives, and enhancing customer convenience.
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