New Delhi: The Union government has finally lifted the embargo on grant of government business to private banks, enabling them to participate in all developmental activities in the country. Taking to Twitter, Union Finance Minister Nirmala Sitharaman announced on Thursday that “all banks can now be equal partners in development”.
“Embargo lifted on grant of Govt business to private banks. All banks can now participate. Private banks can now be equal partners in development of the Indian economy, furthering Govt’s social sector initiatives, and enhancing customer convenience,” Sitharaman said in a tweet.
As a result, private banks can now carry out government-related banking transactions like taxes and other revenue payment facilities.