Centre lifts embargo on private banks to undertake govt related banking 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 govt business.