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Business EconomyPosted at: Feb 24 2021 9:25PM


Embargo lifted on private banks to conduct govt business

New Delhi, Feb 24 (UNI) Private banks can now carry out government-related banking transactions such as taxes and other revenue payment facilities, pension payments, small savings schemes.
The government on Wednesday announced that it has lifted the embargo.
Earlier only a few were permitted to conduct the service.
The step is expected to further enhance customer convenience, spur competition and higher efficiency in the standards of customer services.
With the lifting of the embargo, there is now no bar on RBI for authorization of private sector banks (in addition to public sector banks) for government business, including government agency business, said a finance ministry statement.
With the lifting of the embargo, there is now no bar on RBI for authorization of private sector banks (in addition to public sector banks) for government business, including government agency business.
Private sector banks, which are at the forefront of implementing latest technology and innovation in banking, will now be equal partners in development of the Indian economy and in furthering the social sector initiatives of the government, said the statement.
UNI SRJ JW2124
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