<h1>Private Banks Now Authorized for Government Transactions: Tax, Pension, and Savings Schemes Included.</h1> The government has removed restrictions on private sector banks, allowing them to conduct government-related banking transactions such as tax payments, pension disbursements, and small savings schemes. This move aims to enhance customer convenience, foster competition, and improve service standards in banking. Private banks, known for their technological advancements, will now participate equally with public sector banks in supporting the Indian economy and government social initiatives. The Reserve Bank of India (RBI) has been informed of this decision, enabling it to authorize private banks for government business activities.