Centre lifts embargo on private banks to undertake govt related banking transactions

The Centre has lifted embargo on private sector banks for conduct of government related transactions. They include taxes and other revenue payment facilities, pension payment and small saving schemes.

Earlier, only few private banks were permitted for such transactions. The move is expected to further enhance customer’s convenience, spur competition and higher efficiency in the standards of customer services. With the lifting of embargo, there is now no bar on Reserve Bank of India for authorisation of private sector banks for government business.

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