TaxTMI 
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TaxTMI 
Embargo lifted on grant of Government Business to Private Banks
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....mbargo lifted on grant of Government Business to Private Banks <br>News and Press Release<br>Dated:- 24-2-2021<br><BR>The Government has lifted the embargo on private sector banks (only a few were per....
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....mitted earlier) for the conduct of Government-related banking transactions such as taxes and other revenue payment facilities, pension payments, small savings schemes, etc. This step is expected to fu....
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....rther enhance customer convenience, spur competition and higher efficiency in the standards of customer services. Private sector banks, which are at the forefront of imbibing and implementing latest t....
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....echnology and innovation in banking, will now be equal partners in development of the Indian economy and in furthering the social sector initiatives of the Government. With the lifting of the embargo....
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...., there is now no bar on RBI for authorization of private sector banks (in addition to public sector banks) for Government business, including Government agency business. The Government has conveyed i....
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....ts decision to RBI.<BR> News - Press release - PIB....