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Updated Feb 25, 2021 | 09:00 IST
All private-sector lenders will be allowed a share in government-related banking transactions such as taxes, revenue payments, pensions and small savings schemes. Now, all banks can handle collection of taxes, pension payments and small savings schemes. | Photo Credit: BCCL
New Delhi: All private sector banks now will be allowed to conduct government-related banking transactions such as tax and pension payments, and small savings schemes, the finance ministry has announced. The big booster dose is likely to improve efficiency and competition while aiding smaller banks earn revenue.
At present, all state-run banks and three private-sector lenders HDFC Bank, ICICI Bank and Axis Bank can offer transactions related to taxes and other revenue payment facilities, pension and small savings schemes, among others.
Private banks can vie for govt biz
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Union Finance Minister Nirmala Sitharaman addresses business leaders, entrepreneurs, and sectoral experts during a post-budget interactive session organised by the Bangalore Chamber of Industry & Commerce, in Bengaluru on Sunday. (ANI Photo)
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Private banks can now compete with their public sector counterparts for government business such as transactions related to taxes, revenue payments, pensions and small savings schemes. The decision, announced by finance minister Nirmala Sitharaman, is expected to improve efficiency and competition while helping smaller banks earn revenue.
“Embargo lifted on grant of govt business to private banks. All banks can now participate. Private banks can now be equal partners in development of the economy, furthering govt’s social sector initiatives, and enhancing customer convenience, Sitharaman tweeted.
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