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

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.