Private banks get exemption to do government business, know what will be the benefit

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Nirmala-Sitharaman

New Delhi: Finance Minister Sitharaman has made a big announcement for private banks. The government has given permission to private banks to do government banking business, i.e. from now on, private banks can also apply for government business. Sitharaman has given information about this by tweeting. From now on, private banks will also be able to participate in government transactions like tax, pension, payment, etc. This will increase both the credit and business of private banks.

FM Sitharaman tweeted
The Finance Minister has written in his tweet that the ban has been lifted from the approval of government business private sector banks. Now all banks will be able to participate to achieve government business.

Nirmala-Sitharaman

Earlier some banks had this facility
Let me tell you that earlier some banks of private sector had this facility, but from now all banks can take advantage of this facility. This will increase the business of private banks significantly. Apart from this, customers will get better facilities.

In the press release issued by DFS, it has been said that the government had given permission to some private banks earlier. Now after allowing private banks to participate in government business, it is expected that customers will get better facilities, competition will increase and standards of customer services will be better.

Government schemes will expand
With this decision of the government, social welfare schemes will also be expanded. Apart from this, the investment can also be done through private banks in small savings schemes like collecting taxes, revenue-related transactions, pension payments, and Kisan Savat Patra.