Embargo Lifted on Private Banks, Can Now Do Transactions for Govt3Photo© thequint.com

Embargo Lifted on Private Banks, Can Now Do Transactions for Govt

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The embargo on private banks has been lifted by the Centre on Wednesday, 24 February allowing the banking institutions to conduct transactions on behalf of the government.

This move is to allow both private and public sector banks to be on an equal footing towards developing India’s economy, announced Finance Minister Nirmala Sitharaman.

In a tweet, the Finance Minister said on Wednesday that opening up private banks will further the Centre’s “social sector initiatives, and enhancing customer convenience”.