{"id":19393,"date":"2021-03-22T11:09:54","date_gmt":"2021-03-22T05:39:54","guid":{"rendered":"https:\/\/plyinsight.com\/?p=19393"},"modified":"2021-05-11T13:55:03","modified_gmt":"2021-05-11T08:25:03","slug":"government-business-now-through-private-banks","status":"publish","type":"post","link":"https:\/\/plyinsight.com\/hi\/government-business-now-through-private-banks\/","title":{"rendered":"Government Business Now through Private Banks"},"content":{"rendered":"

The centre has lifted the restrictions on the grant of government business to private banks, Finance Minister Nirmala Sitharaman announced on 24 February. All private sector banks now will be allowed to conduct government-related banking transactions such as tax and pension payments. Sitharaman in a tweet said that private banks can now be equal partners in the development of the Indian economy, furthering government social sector initiatives, and enhancing customer convenience.<\/p>\n

The move to lift embargo will spur competition and promote greater efficiency in the standards of customer services, the department of financial services said.<\/strong><\/p>\n

Government-related banking transactions include taxes and other revenue payments, pension payments, and small savings schemes.<\/p>\n

The current directive relates to the central government’s business.<\/strong><\/p>\n

This will also benefit customers in specific instances like businesses and firms maintaining accounts with public sector banks (PSBs) for paying tax, this can be done through private banks as well more over.<\/strong><\/p>\n

The social sector programs of the government can be conducted through private banks as well, when private banks get government business, they will be obliged to perform,
\n\u201cPrivate banks are competent to handle mandates for public benefit with a robust digital backbone.\u201d<\/p>\n

\n

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The centre has lifted the restrictions on the grant of government business to private banks, Finance Minister Nirmala Sitharaman announced on 24 February. All private sector banks now will be allowed to conduct government-related banking transactions such as tax and pension payments. Sitharaman in a tweet said that private banks can now be equal partners […]<\/p>","protected":false},"author":1,"featured_media":10116,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1057],"tags":[],"class_list":["post-19393","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-march-news-2021"],"yoast_head":"\nGovernment Business Now through Private Banks - PLY INSIGHT<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/plyinsight.com\/hi\/government-business-now-through-private-banks\/\" \/>\n<meta property=\"og:locale\" content=\"hi_IN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government Business Now through Private Banks - PLY INSIGHT\" \/>\n<meta property=\"og:description\" content=\"The centre has lifted the restrictions on the grant of government business to private banks, Finance Minister Nirmala Sitharaman announced on 24 February. 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